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Bitcoin Price Analysis: BTC uptrend eyes 2018 top despite overbought RSI

  • BTC/USD eases from the intraday high, keeps upside break of 33-month-old rising trend line.
  • Overbought RSI suggests corrective pullback towards Friday’s top.
Bitcoin Price Analysis: BTC uptrend eyes 2018 top despite overbought RSI
Anil PanchalAnil PanchalFXStreet

BTC/USD drops to 16,759 during early Tuesday. Even so, the Crypto major prints 0.18% intraday gains while nearing the highest levels since January 2018, flashed last week.

Although overbought RSI conditions on the weekly chart suggest the pair’s corrective pullback towards Friday’s high near 16,490, any further declines are less likely.

Also acting as the key downside support is an ascending trend line from late-February 2018, currently around 16,040 and the 16,000 round-figures.

Alternatively, the 17,000 round-figure can offer immediate resistance to the quote ahead of lighting the highs marked during early 2018, surrounding 17,200.

In a case where the BTC/USD bulls stay positive beyond 17,200, the year 217 peak surrounding 19,800 could return to the chart.

BTC/USD weekly chart

Trend: Bullish

Additional important levels

Overview
Today last price16819.07
Today Daily Change95.15
Today Daily Change %0.57%
Today daily open16723.92
 
Trends
Daily SMA2014948.09
Daily SMA5012918.11
Daily SMA10012018.37
Daily SMA20010814.97
 
Levels
Previous Daily High16891.33
Previous Daily Low15879.31
Previous Weekly High16490.58
Previous Weekly Low14729.64
Previous Monthly High14089.91
Previous Monthly Low10376.73
Daily Fibonacci 38.2%16504.74
Daily Fibonacci 61.8%16265.9
Daily Pivot Point S116105.04
Daily Pivot Point S215486.16
Daily Pivot Point S315093.01
Daily Pivot Point R117117.06
Daily Pivot Point R217510.21
Daily Pivot Point R318129.09

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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