Bitcoin yet again reached another all-time high on the 5th of November, reached the $7630 top. BTC/USD formed a Doji candle on the daily chart which does indicate strong battle between the “bulls” and the “bears”.
At the same time, it has rejected the resistance at $7490 and $7530 by closing below both of these levels as well as the upper trendline of the ascending channel, indicating that a corrective wave down is not an exception and it’s gaining more and more probability.
Currently, with the given facts, BTC/USD is likely to correct down, but only if there will be no daily close above the all-time high at $7630. Throughout coming weeks a consolidation period could also take place, and short-term traders might be seeking safe haven in Altcoins.