$6800 rejected again!?
Yet another failed rally up to $6800. As you can see BTC is struggling to hold above the .5 fib level. A drop to $6350-$6400 is very likely. The more long term analysis is the falling wedge is still in effect. I have noticed a more micro trend of setting higher lows and lower highs forming a symmetrical triangle. Breaking out of this formation would lead to mass volatility in either direction. Hopefully we can see a real rally after the trends have broken one way or another. If BTC drops below the $5800 support to say $5300 I believe we would see mass accumulation leading to a rally in prices and actual healthy market behavior. Until then I remain rather bearish and keep playing the shorts. You can almost certainly short at the .5 fib level with minimal risk. I am exited to see how this plays out.
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