If you take the red line and the support below, go back on the charts to the last bull run, you'll notice that it's bullish when it holds that spot on the weekly. It fights with this level and the first time it hit it it broke through to about 41k and then tumbled down 10-11k to around 30k, then again after the last bull run burst, it retraced again about 10-13k and came back up to make new all time highs. After that it this area again held support after the all time high tumble, but then finally broke through after holding support from Jan 22 to about May 22, so it's very strong as support and resistance. If we break below this definitively and then the lower trendline, we are very bearish. Every time it hits this area it hits major turbulence and has increased volatility.
Comment:
We are currently above this level, so it's bullish at the moment. The level sits around the 36,893 to the 37,610
Comment:
I don't think we are rolling right past this and flying high. With the wedge I give it 39k or so for a high if we do break it. RSI is headed down on the weekly, it could always hop back up, but most of the time, it goes down from here. I'm bearish overall long term until we re-trace.