Technical analysis on Bitcoin for November 7th, 2023.
November 7, 2023 4:23 pmVideo
Latest News
- EUR/USD: Waiting for price turbulence April 9, 2024
- Technical Analysis – EURUSD remains above SMAs with weak momentum April 9, 2024
- BoC to put June rate-cut on the map-tentatively – Preview April 9, 2024
- Forex forecast 04/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga April 9, 2024
- Video market update for April 09, 2024 April 9, 2024
- Technical Analysis – EURJPY rises towards 16-year high April 9, 2024
- Market Comment – Gold shines bright, yen knocks on intervention door April 9, 2024
- Technical Analysis – AUDUSD steady after several sessions of gains April 9, 2024
- Technical Analysis – GBPUSD capped by 50-day SMA April 9, 2024
- Trading plan for GBP/USD on April 9. Simple tips for beginners April 9, 2024
- Trading plan for EUR/USD on April 9. Simple tips for beginners April 9, 2024
- Forecast for EUR/USD on April 9, 2024 April 9, 2024
- Forecast for GBP/USD on April 9, 2024 April 9, 2024
- Forecast for USD/JPY on April 9, 2024 April 9, 2024
- EUR/USD and GBP/USD: Technical analysis on April 9 April 9, 2024
- Bitcoin: Target for this bull cycle is $300,000 April 8, 2024
- The dollar has laid out its trump cards, it’s now the euro’s turn April 8, 2024
- GBP/USD. Analysis for April 8th. The pound remains expensive despite everything April 8, 2024
- Could the ECB adopt its June 2022 playbook and preannounce a rate cut? – Preview April 8, 2024
- Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray – symmetrical triangle) April 8, 2024
Blue lines- Fibonacci retracement levels
Red line- support trend line
Orange rectangles- potential repetition of past action
Green rectangles- overbought RSI levels combined with price top
Bitcoin is trading around $34,775. Short-term trend remains bullish as price continues making higher highs and higher lows. The RSI has reached overbought levels and is forming bearish divergence signs. As we explained in a previous analysis, if Bitcoin repeats its past price action, then upside potential is limited and a pull back will follow. Pull back target is at previous highs around $32,000-$31,800. Price justifies a pull back towards $32,000 for two main reasons. Price has already tested the 38% Fibonacci retracement resistance and the RSI suggests that a pull back is imminent. All these makes us feel cautious as there is no reversal signal in the market yet.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: