After a long series of crash following the MT.Gox scandal, we are now in a period of calm, exiting the cloud sideways. The long term bearish trend is still leading the price, but free of the cloud , there is a potential sideways breakout looming. Failure to breach the trendline will probably push the price down with a retest of the 530 support in the near future.
PS Excuse my crude drawings and lack of fancy colors/indicators :)