Bullish Case:
- Higher Low Structure: Buyer defense around the $62,800 intermediate support has successfully established a local higher low.
- Momentum Recovery: The RSI has bounced off oversold levels back above the 50 midpoint, signaling steady buying interest.
- Upside Targets: A decisive 4-hour candle close above the $64,300 pivot opens the door for a retest of $65,500 and key horizontal resistance at $66,800.
Bearish Case:
- Resistance Overhead: Failure to break above $64,300 threatens to form a lower high relative to the recent peak near $65,800.
- Fading Momentum: Hovering near the 50 RSI line leaves momentum vulnerable to rolling back over into seller territory.
- Downside Targets: A breakdown back through $62,800 opens up downside risk toward the wick low around $61,800 and major support at $60,800.