After small scale rebound, the cryptocurrency is stuck above the level of previous low in July 2021 last year. As the Luna incident subsided, the entire market is slowly recovering, at least no longer scaring like before.

From the graph, we can see that after falling below the support level (the low of July 2021), the price is back above the support level quickly. After the slope steepened, the price has always moved below the lower rail of the bearish channel (yellow area). The weak bulls can’t even get the price back into the channel. Prices rebounded with very low volumes on the weekend. But on Monday, the high-volume drop almost declared the bears’ control. In such a situation, expecting an rise is very hard, and no more fall is good enough.
Conclusion: Mostly falling. Although the support level of 29700 should be a strong support level , , but the bulls still have not strengthened significantly after being retested , relatively, the bears can easily recover the green candle. So our conclusion is more inclined to fall. Getting back to the low-slope bearish channel remains the biggest hurdle. It is the first step for bulls. We keep support level as 29700 and the resistance level as 34000.

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