BTC Bounce @ $39,300

What I see:

1H chart

1. Descending Channel - lower lows and lower highs
2. Descending MACD - more momentum to the downside
3. Previous support @ $39,300

My thoughts:

BTC will break the channel and descend quickly towards $39,000, but will be met with support at that level. It will then consolidate for a few hours before making its next move.

Analysis at the $39,300 level will help determine whether the next move will be up or down.