FX.co ★ Technical analysis on Bitcoin for November 8th, 2023.

Green lines- Overbought levels

Red line- support trend line

Blue lines- Fibonacci retracement levels

Bitcoin is trading around $35,150. Short-term trend remains bullish as price continues making higher highs and higher lows. Price remains below the key 38% Fibonacci retracement resistance. As we mentioned in previous posts, the current technical picture in Bitcoin leaves us with limited upside potential and increased chances of a pull back towards $32,000. The RSI is trading around the overbought levels and a break below the 70 level will most probably be the signal for a pull back in price. Our minimum pull back target is the previous high around $31,800-$32,000. So far there is no reversal confirmation, only indications of a possible turn around.