Entry: around 3,745 – 3,750 (sell limit or after bearish confirm1. Market Structure
Price previously made a higher high, but then reversed downward.
Currently, the resistance zone (supply) around 3,750 – 3,760 has been tested multiple times but failed to break → showing strong selling pressure there.
The support zone (demand) around 3,715 – 3,725 is the next potential target.
2. Price Pattern
The chart suggests an M/W formation or a double top variation, with repeated rejection at the blue resistance zone.
The blue arrows you drew indicate the expectation that price will:
Continue dropping from the 3,750 resistance zone.
Retest the 3,720 support zone.
If 3,720 breaks, the next target is 3,700.
3. Technical Signals
Strong volume appeared during the previous drop from 3,780 → confirming sellers are in control.
Each retracement to retest supply is weaker, with lower highs → a sign of distribution.
If another strong bearish candle (e.g., bearish engulfing) forms, the probability of reaching 3,700 is high.
4. Trade Scenarios
Bearish scenario (main bias):
Entry: around 3,745 – 3,750 (sell limit or after bearish confirmation).
TP1: 3,720.
TP2: 3,700.
SL: above 3,760 resistance zone.
Alternative bullish scenario (less likely):
If price breaks above 3,760 and closes strongly on H1/H4, upside targets are 3,780 – 3,800.
👉 In summary: This chart leans strongly toward a bearish outlook, targeting 3,720 first, and potentially 3,700.
