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.
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
Author
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.
