Bitcoin: Short-term bounce or change in trend?

Bitcoin recently made a low around $32,800. Tonight price is trading around $38,000 but Bitcoin is still inside the bearish channel from its all time highs. Technically trend remains bearish and we consider this upward movement as a counter trend bounce. In previous posts we mentioned that such a bounce towards the $40,000 level was justified and expected.

Blue lines- bearish channel

With the Daily RSI turning upwards from oversold levels, price is bouncing as expected. Resistance is at the upper channel boundary at $41,000. As long as price is below this level we consider that bears remain in control of the trend. More downside should be expected for Bitcoin.