At 4-hour timeframe we can see that the price went out of the local via impulse growth waves. Subsequent corrective movements brought the price at the upper edge of the channel.
If we take a closer look it can be seen that there are several positive signs:
1. moves to Oversold zone
2. 20 line which was a resistance after Moving Averages intersection became a support which is great for short term
3. After consolidation the price went up again which can be evaluated as 0-1 Impulse wave and the most important is that it bounces above the critical area where this assumption will be rejected.
Conclusion: if the price manages to bounce above $4 200 then we will have a new 5 impulse growth waves. Otherwise previous analysis holds and there should be movement to finish IHS
Subsequent 5 impulse growth waves are canceled.
Further, the price will follow the first analysis, which can be found on TradingView:
Use the primary analysis which can be found in related ideas