Hello traders, and happy Monday! :) This setup shows great potential to gain bullish momentum, as the overall higher-time trend is bullish. Currently, it sits on monthly support, and on a weekly basis, the price hasn't broken through the moving averages. Additionally, the average volatility, based on the 7-day and 30-day periods, is overextended, suggesting a shift in market direction. Furthermore, the setup is oversold on multiple time frames, which further reinforces a bullish outlook.