Price has broken from a mid-term ascending trend line and retested it. We can see that after the ascending trend line has been broken, price continued to break below a structure support. We may see a retracement to the area marked out, before the next bearish wave. We can draw a descending trend line based off the lower highs to see if the bearish momentum is still in play.
There are multiple confluences in that area which makes it a good area of entry if price rejects off it: structure resistance, descending trend line and Fibonacci 50 retracement level. Most importantly, watch for bearish price action in that area before considering any shorts.