Technical analysis on Bitcoin for November 1st, 2023.
November 1, 2023 3:22 pm
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 just below the $35,000 price level. Short-term trend remains bullish. The RSI is at overbought levels as we mentioned in a previous analysis. If we follow a similar price path to the one we followed in January when the RSI jumped as high as we are now, then we should expect some more upside. Bitcoin has high chances of reaching the 38% Fibonacci retracement level at $36,125. Although a pull back is justified, we could first see a sequence of short-term higher highs and higher lows before starting a meaningful pull back. Inside the orange rectangle we see how price reacted in January after the RSI reached overbought levels, and we show with black lines what it can do now if history repeats itself.
The material has been provided by InstaForex Company – www.instaforex.com
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 just below the $35,000 price level. Short-term trend remains bullish. The RSI is at overbought levels as we mentioned in a previous analysis. If we follow a similar price path to the one we followed in January when the RSI jumped as high as we are now, then we should expect some more upside. Bitcoin has high chances of reaching the 38% Fibonacci retracement level at $36,125. Although a pull back is justified, we could first see a sequence of short-term higher highs and higher lows before starting a meaningful pull back. Inside the orange rectangle we see how price reacted in January after the RSI reached overbought levels, and we show with black lines what it can do now if history repeats itself.
The material has been provided by InstaForex Company – www.instaforex.com
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