Price nearly feel through the bottom of this bear channel but was saved with a sharp reversal which came in the form of a 2 bar reversal on the 6 hour charts. With this reversal we could see price pop up into the resistance area of the channel around 205ish. Given the bearishness of the overall crypto market we could see price hit this area and fall, but if price is able to break this resistance we could price rally up to the next resistance area of 230. I am not going to extrapolate out too far but will be watching how price reacts at each of these key price levels to decide what positions to take at that point in time.
