FX.co ★ Technical analysis on Bitcoin for November 2nd, 2023.

Orange rectangles- similar pattern expected

Green rectangles- overbought levels

Red line- support trend line

Blue lines- Fibonacci retracement levels

Black lines- expected price path

Bitcoin is trading around $34,967. Short-term trend remains bullish as price continues making higher highs and higher lows. Bitcoin price earlier today touched the short-term target at the 38% Fibonacci retracement. Initial price reaction is a rejection as the 38% Fibonacci retracement is important short-term resistance. The RSI is turning lower from overbought levels. As we mentioned in our previous post, the technical picture of Bitcoin justifies a pull back and a repetition of the price action similar to January 2023. A pull back towards $32,000 is our minimum expectation. However there is no reversal confirmation yet.