BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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BTCUSD

Well everyone knows there are a lot of red in the streets and here is the reason. BTC entered bearish mode in daily chart months back when it closed below all the major moving averages. It closed below 50 Weekly average and retested that again and failed. Monthly close was bad which pushed it down even further. That is not all. BTC broke the long term trendline from 2010 recently and i don't know how many of you noticed that. Here is chart with long term trendline from BLX .


From a valid support it would retest the broken trend-line probably in the upcoming weeks before a major leg down. All major timeframes are bearish except monthly which is neutral bearish as of now. Failing to close above 10 EMA in this month would further extend the leg down towards 5500 to 4850 area (probably the accumulation zone before the next upside test).
You basically drew a line that touched one point from the start of the chart. That is not a trend line. You could have done this same thing a few times in the charts history and it would still mean nothing,
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