Possible opportunity to sell volatility to the upside

$8 to me would be the modest cap for any potential up thrust. However, as seen with setups like Zilliqa, the bounce on these can be rather intense. I Like how the 200 ema has remained untouched since the initial sign of weakness. There is also a 5 wave Elliot structure present which makes me think we can see some minor or possible major relief. We can also identify a steadily increasing volume signature as the price declined on that previous stab down. IMO there can absolutely be a new low set to pull the fifth wave down slightly. It does not have to be done just yet.