The price tested the blue average support zone after breaking below the cyan line of the oscillation channel, but rebounded before entering and is currently facing resistance at the cyan line;

At the same time, the 4-hour price pattern looks very much like a descending expanding wedge, which is typically a bullish reversal pattern after a corrective oscillation. However, the difficulty lies in not being able to enter on the left side, as it's unclear whether it will test lower again...

Therefore, considering the state of the ASR channel, if the price dips again towards the blue average support zone and touches the lower edge of the descending expanding wedge, it will perfectly align with the pattern and indicator's synchronization, then we can consider whether the pullback is in place to start the rebound;

Preparing for both scenarios, even if further pullbacks occur, I wouldn't recommend going short or chasing shorts, as the price is close to the lower edge of the channel, making the risk-reward ratio poor;

If we wait for the pullback to be in place and the rebound breaks through the upper edge of the descending wedge (which happens to be the cyan line), entering on the right side to go long would be a very good choice;

Overall, when the price is near the lower edge of the 4-hour channel in an oscillating market, it is generally not advisable to chase shorts. The best short position is at the middle track or yellow line, but since the price is currently maintaining in the lower half of the oscillation channel, it overall favors bearish sentiment;

Thus, for those who are bullish, it is best to go long on the right side (breaking through the upper edge of the descending wedge), after all, it won't make much difference;

For those who are bearish, you can take a short-term bet on the price pulling back again towards the lower edge of the expanding wedge and the blue support zone, or simply wait for the price to rebound to near the middle track before considering further action.