As it can be inferred from the H16-timeframe graph, the price has been able to break out of the ascending channel portrayed on the chart and re-test the lower boundary of it before printing an impulsive bearish leg.
Afterwards, the 50% Fibonacci retracement level of the formed bearish leg got rejected, giving us extra confirmations on the bearish bias.
Judging by the ongoing price build-up, we are expecting for the downside movements to continue and for the price to reach the highlighted region of support in the upcoming days/weeks depending on the development.