We broke a down trend that was getting quite strong on the 4h. This has given the price a new range to work with and strengthens the shorter term up trend that has been forming.
The last few weeks have felt bearish, although the price did not make any lower lows, so ultimately this appears to be serving to provide a strong support (marked in yellow).
If the short term channel breaks up (2777) soon, expect a nice pump up to the top of the larger channel (2835). From there the price will likely hold for a time.
In the long term if the bullish channel continues to grow we may eventually break the strong down trend line visible in thick red at around the 2900 mark. Though this is yet to be seen.
The last few weeks have felt bearish, although the price did not make any lower lows, so ultimately this appears to be serving to provide a strong support (marked in yellow).
If the short term channel breaks up (2777) soon, expect a nice pump up to the top of the larger channel (2835). From there the price will likely hold for a time.
In the long term if the bullish channel continues to grow we may eventually break the strong down trend line visible in thick red at around the 2900 mark. Though this is yet to be seen.