support and resistance
From yesterday's post, we were at the trendline. Currently, price is below trendline, but still at support from the horizontal line. If price rallies above the trendline again, it is definitely bullish. If we break below support, it is bearish. This suggests that we are at a critical point. In other words, wherever the price moves will determine the new direction.
This is my first post since I made a post on r/bitcoinmarket regarding interest in a technical blog. I want to do a bitcoin blog because I think bitcoin has a lot of potential to become the future currency of the world. More importantly, I want to bring in my technical knowledge of 6 years from the stock/futures market into bitcoin. There seem to be a lack of technical analysis and statistics in bitcoin, but a whole lot of speculation.