The market is in a strong downtrend, moving inside a visible steep channel. Price recently pulled back into a previous support-turned-resistance zone. This move appears corrective in nature, with sellers likely waiting for signs of exhaustion before re-entering in the direction of the existing trend.
Now price is reacting to the resistance zone and rejecting further upside, suggesting potential continuation lower. Ideally if price retests without closing significantly above it and forms bearish price action confirmation, it would provide a high-probability short setup: pin bars or bearish engulfing candlesticks right at retest level would help confirm the signal.
From there, continuation toward the middle of the channel becomes likely. The target projection sits near the 0.57300 level. If price fails to break lower and instead closes above the resistance zone, the setup becomes invalid and would indicate potential reversal.
In short, sellers are watching for a break and retest, aiming to ride the move down to target of near 0.57300. The downtrend would be maintained as long as price respects the current resistance and shows more signs of bearish strength.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Now price is reacting to the resistance zone and rejecting further upside, suggesting potential continuation lower. Ideally if price retests without closing significantly above it and forms bearish price action confirmation, it would provide a high-probability short setup: pin bars or bearish engulfing candlesticks right at retest level would help confirm the signal.
From there, continuation toward the middle of the channel becomes likely. The target projection sits near the 0.57300 level. If price fails to break lower and instead closes above the resistance zone, the setup becomes invalid and would indicate potential reversal.
In short, sellers are watching for a break and retest, aiming to ride the move down to target of near 0.57300. The downtrend would be maintained as long as price respects the current resistance and shows more signs of bearish strength.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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注释
Changed my mind on this one, switched my bias to more bullish 
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