As it can be inferred from the 3h timeframe graph, after ranging within the borders of the sideways-moving range illustrated on the chart, the price has spiked above the upper boundary of it and rejected the area of previous support which now acts as a resistance that lines up with the 0.382 Fibonacci retracement level.
From here, we are closely monitoring the situation and awaiting more bearish confirmations before going short and aiming for the zone of support plotted on the graph.
From here, we are closely monitoring the situation and awaiting more bearish confirmations before going short and aiming for the zone of support plotted on the graph.