The price seems to be repeating itself, it looks like the price is forming a pattern which has already been played out before not very long ago. We could see that this pattern starts with an initial bearish push (overbought RSI), then the price bounce off the support level of the channel (oversold RSI), bearish retracement takes place after the bullish push from the bounce (RSI overbought). After the retracement we will see a bullish move towards the resistance level of the channel. I will update this idea if I see anymore signals about the future direction of this pair.