Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. Price is holding below both descending trendline and moving average resistance, showing signs of bearish pressure in line with our bearish bias.
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