Bitcoin Analysis 10/26/2023

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Hey traders, I hope you are all having a lovely week. What a run Bitcoin had this week, the bullish impulse was impressive, to say the least. This analysis is for the short term, and the chart is on the 2-hour time frame.

I think bitcoin is starting to roll over here and could fall to test the support area highlighted in the chart (0.382-0.618), otherwise known as, the Fibonacci Golden Pocket. I am overall bullish on this asset in the medium to short term. A pullback to the highlighted zone, followed by a bounce would be bullish, as it would confirm that a level that was once resistance is now acting as support.

I personally, will be looking to open a long position if we see the bullish backtest of this level.

I will do my best to keep you all updated. If you have any questions or would like to leave a comment. Please, feel free to.

Remember to trade with a stop loss and a take profit, and to practice good risk management.

Lastly, this is not financial advice.

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*I am overall bullish on this asset in the medium to long term*