Channel support successfully held the price at $6.4k zone and it looks like the corrective ABCDE is now complete. Price is now testing the $7.4k zone resistance. Successful breach of the $7.4k zone followed by the breach of 55-EMA and 0.236 Fib. retracement ($7.7k zone) will validate the current count.

However, if the bulls failed to breach the lines indicated above, it is possible for the price to bounce back to retest the $7.0k then up to $6.4k zone.

4-hr RSI indicator supports the bullish trend. As you can below, RSI indicator shows higher low but the price is reflecting lower low, thus, signals the price is now oversold and the sellers are weakening.

Expect short-term price to be bullish.

Disclaimer

This is my personal view and I don't claim it to be a professional financial guide. Your decisions are only controlled by you and only you. Listen to what others say, but don’t believe everything that you hear. Research, analyze, and think. In the end, you can only thank yourself for believing in something that is true. Likewise, you can only blame yourself for believing in something that is false.

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