Five bear bar days has lead to some oversold bounces after touching pretty low on the 1-hr and 4-hr charts. So, it's natural to see some upside.
There was a break from the double top resistance, however, the volumes have been minimal like also though. So, right now, this looks to still be nothing more than a tiny oversold bounce and bear break after five days of action.
Bulls will probably come in for more upside, but the resistance is very heavy right around the $3,500 level. I expect prices to get around this level before bulls lose momentum and give up to see prices come back and test $3,130 and $3,000.
Nothing to get quite excited about still. Other cryptos are following the same pattern that I point out -- quick short bursts with volume only in a very short couple minute period, then a stall and nothing. This leads to pullbacks in the current market climate.
The weekly chart is still holding a higher low until the $3,130 breaks. If that's the chart to be relevant, there's still a long time until the bulls can show proof they are capable of market change.
