FX.co ★ Technical analysis on Bitcoin for November 9th, 2023.

Blue lines- bearish RSI divergence

Red line- support trend line

Green rectangle- overbought area

Bitcoin is trading around $36,800 making new higher highs. Short-term trend remains bullish as price continues making higher highs and higher lows. Despite the new higher high in price, the RSI did not follow and provided us with a second lower high. This bearish divergence should not be ignored. At current levels above $36,500 we prefer to be neutral Bitcoin as the chances of a reversal have increased and the RSI implies the weakening up trend. Short-term trend remains controlled by the bulls. Short-term support is found at $34,530 and a break below this level could be the signal for a short-term pull back at least.