Just wanted to share this on how in the past we could see the long-term bear market trendline that usually signals the bottom and reversal, however this is the first time in recent years that price has returned to the resistance turned support trendline to test it. This has never happened in the recent years when when we got to 19800+, 14000.
This time it broke out of the trendline resistance at around 6400+ to reach 10500+ and very quickly returned back to test it as it is doing at this moment.
The chart shows the latest price movement and how at the moment its still being supported strongly. Can the uptrend resume if the support holds and price bounces off here and the trendline holds? Quite possibly as it seems those trendline breaks give it the long-term upward and downward price movements.
Here are photos of 2 other trendlines breakouts confirming bottoms and reversals.
Hope you find it informative.
Good luck!
This time it broke out of the trendline resistance at around 6400+ to reach 10500+ and very quickly returned back to test it as it is doing at this moment.
The chart shows the latest price movement and how at the moment its still being supported strongly. Can the uptrend resume if the support holds and price bounces off here and the trendline holds? Quite possibly as it seems those trendline breaks give it the long-term upward and downward price movements.
Here are photos of 2 other trendlines breakouts confirming bottoms and reversals.
Hope you find it informative.
Good luck!
