Bitcoin Price Analysis: BTC/USD eyes $15K, overbought conditions warrant caution
|- BTC/USD well-positioned to take on the $15K mark.
- A potential bull flag spotted on the daily chart.
- Overbought RSI warrants a pullback before the uptrend resumes.
Bitcoin (BTC/USD) is back in the green zone above the 13,000 level this Monday, reversing a temporary reversal seen on Sunday. The No. 1 coin is seen testing daily highs, looking to retest Sunday’s high of 13,359.
From a short-term perspective, the spot is primed for a fresh rally towards the 15,000 mark, as the consolidation following the latest surge has carved out a bull flag pattern on the daily sticks.
A daily closing above the rising trendline resistance placed at 13,379 could confirm the bullish breakout.
However, the 14-day Relative Strength Index (RSI) remains highly overbought, around 79.20, suggesting that a corrective pullback cannot be ruled out before the bulls regain the upside momentum.
Should the bulls fail to defend the rising trendline support at 12,681 on a daily closing basis, the pattern will get invalidated.
Further south, the bullish 21-daily moving average (DMA) at 11,797 will be back on the sellers’ radars.
BTC/USD: Daily chart
BTC/USD: Additional levels to watch
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