BTCUSD, IMHO, is getting close to a crucial point (purple arrow) where price movements could get more volatile again (white arrows). Either a new uptrend could set in if the most recent red trendline is being broken otherwise the downtrend could continue if the support at ~5800 is broken. Chances are pretty much 50:50 in my opinion. What do you guys think?
Lol that red line is drawn using 2 points. One being the current market close.
madmax58
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@ickylevel, it is drawn using exactly 3 points (which is called a short squeeze btw). next time I will insert numbers, which will make it easier for you to comprehend.
ickylevel
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@madmax58, Red line, the current resistance you draw, was done using 2 points. Problem is the 2nd point was using the current price of the market.
madmax58
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@ickylevel, well, actually I used 3 points including the current price, if you look closely the price touched the line two times at 24th and 30th of July. But anyway, I cannot remove this line anymore now. You have to deal with it.. but thanks for the advise. I will return the favor when I find some time.
JezTM
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I'd say uptrend - downward momentum almost exhausted