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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
