The short-term trader is sometimes called the short-life trader because all they are trying to do is anticipate the next directional move about to break out and to scalp some profit from it and to successfully keep up this guessing game hour after hour.
Sadly for the short-term trader that picture is too long term to scalp and for most instruments the noise is so blinding that what is happening is covered in a fog no matter what time interval you look at, and this is because their performance is mainly random.
I like to say charts perfectly predict the past, but the classic textbooks on efficient markets say what comes next has no link to that past so a chart like the above is no help or guide whatsoever.
A bear like me will just see the bottom line as the one that needs to be broken to trigger a move to a pre-next halvening low and bulls will see that level as the next buying opportunity.