Hello traders and investors!
In this article we want to show you from a technical point of view and from Elliott Wave perspective why BTCUSD turned down.
On November 05 we have noticed slow price action and sideways wave structure after an impulsive move up, which usually suggests a corrective movement within wave 4. And because of contracting range, we labeled a triangle, corrective price action that was pointing higher into wave 5.
BTCUSD 4H Chart From November 05