BTCUSD Bullish Bias

Technical analysis

The daily time frame shows that the RSI indicator is overbought, however, the MACD indicator on the mentioned time frame is still issuing a strong buy signal. The BTCUSD pair has finally tested towards its trend defining 200-day moving average, although bulls have struggled with it so far.

What the possible outcomes are

In our most likely scenario, the BTCUSD pair starts to trade above its 200-day moving average and rallies towards the $47,000 and $49,000 resistance levels. Alternatively, the BTCUSD pair will stage a sizeable correction down towards the $42,700 level and recover back towards its 200-day moving average.

Key levels

Support $43,700 $42,000

Resistance $47,000 $49,000

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