Price Action Update: Bearish Reversal Setup Forming

We’re currently watching a potential bearish setup unfold, following a solid bounce from the recent low around 3,126 USD. Here's a breakdown of what I'm seeing:

Chart Insights:

The price was previously trading in an ascending channel, which broke down sharply.

After forming a Flat Top Bottom pattern, the market rebounded strongly.

We’re now consolidating below the 3,279 resistance level, facing pressure from both horizontal and diagonal resistance lines.


Key Levels to Watch:

Resistance Zone: 3,252 – 3,279
Support Levels:

1st Target 3,209 (minor)
2nd Target 3,162 (key)
3,126 (major structural support)

Scenario Outlook:
If the price fails to break above the 3,279 resistance, we could see a rejection and downside move. A potential breakdown below 3,209 could trigger a sharper move toward 3,162, and possibly a retest of the 3,126 level.

Bearish Confirmation: Watch for a rejection at resistance followed by a lower high and breakdown below 3,209. Volume confirmation and bearish candlestick patterns would strengthen this case.

Risk Management: As always, manage your risk accordingly. This setup will only be valid upon confirmation; don’t jump in prematurely.

Let’s see how this plays out—stay sharp and plan your trades wisely!