Market Structure
Price has recently experienced a strong impulsive drop, followed by a minor consolidation phase. This consolidation is forming just below a previously established resistance zone (~66,300 – 66,500), indicating weakness as buyers fail to reclaim higher levels.
Key Zones
Resistance Zone: ~66,300 – 66,500
This area previously acted as support and is now functioning as resistance (support turned resistance). Multiple rejections suggest strong selling pressure.
Support Zone / Target Area: ~64,800 – 65,000
This is the next key demand zone where price is likely to react.
Trade Setup Insight
The chart suggests a bearish retest scenario: price pulls back into resistance before continuing downward.
The projected move (blue arrow) aligns with a typical continuation pattern, where sellers re-enter at resistance.
Momentum & Price Action
Candlestick behavior shows weak bullish attempts with small-bodied candles and wicks near resistance.
Lack of strong bullish follow-through indicates low buying strength.
Bearish momentum remains dominant unless a strong breakout above resistance occurs.
Conclusion
As long as price remains below the 66,500 resistance, the bias stays bearish, with a high probability of continuation toward the 65,000 support zone. A confirmed rejection from resistance would further validate the downside move.