If this support holds, this chart has a big bounce potential because the price is currently at the base after an extreme correction. If it breaks, it means the bounce scenario is invalidated and the bullish structure is damaged.
Bullish case: price holds at the lower base and then starts to reclaim the upper area. Bearish case: lower support breaks - usually leads to weakness as buyers have run out of steam.
It's not about entering at the current price, but about defining invalidation.