28/09/2018/20:50CET
Stalling again at 6800 USD. Seems this is a stubborn resistance level.
Stall
Seems that 6800 usd is a significant resistance level now for BTC.
We got rejected again at this level today.
This is where this level has been shown to significnat in the past...
At the moment we trade at 6650USD after hitting 6826 USD earlier today.
The rally petered out after the spike up.
Zoom in
Here you can see it on the hourly...
Well it did more than peter out, it dropped and now flatlines!
Long term wedge
The wedge in the longer term chart is also updating with a more upward bias
We had our chance to retest the lower 6000 mark and the bulls managed to overpower the bears this time at 6328 usd
Anyone hoping to buy on a low at the 6150-6200 usd mark and ride one of the last short swings missed out.
Stalemate
The hourly chart seems to indicate a stalemate between bears and bulls in the upper half of the wedge as we get coiled in to a potentially tighter point.
October blues?
Interestingly October is the month of the year when the traditional markets experience the highest volatility. Also most historic crashes in the market have happened in Octobers. Even when factoring the outliers of major crashes out of the stats, October is an "active" month for markets.
We are long in the tooth of this bull market as can be seen here is a macro look at the S&P500
Here shown in monthly log chart...
Will the rats run toward crypto if the ship starts to sink?
As always guys, leave comments, have fun and trade safe.