Can we expect a sharp drop?!

FIL has been trending in the range for the past few weeks. This currency's price decreased to $4 after breaking support in the range of $4.7-$5. Now its trend has ranged between this support and resistance. In the 4-hour time frame, this range trend is clearly defined. Important resistance is in the $4.5-$4.7 area, which shares this range with the previous resistance at $4.7. So unless the buyers can bring the price back above $4.7, the trend cannot be bullish.

If the selling pressure increases by breaking the current support, we can expect a sharp drop to the $3.20-$3.30 range. This area overlaps with the midline of the long-term descending channel, and if it is hit, it can give a positive reaction. For the short term, sellers are still more powerful, and we should wait until the price stabilizes at the support levels.

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