The chart highlights a dominant bearish market structure after price faced strong rejection from the major supply zone at the top. Multiple failed attempts to break higher resistance confirmed seller pressure, leading to a sharp bearish continuation and a series of lower highs and lower lows.
Price is now trading near a significant demand/support zone, where buying interest could potentially enter the market. This area may serve as a liquidity base for a short-term bullish retracement after the recent selloff.
The marked upside targets represent possible recovery levels if buyers successfully defend the demand zone. The first target sits around 73.689, acting as an important resistance and liquidity level. A stronger bullish continuation could then push price toward the higher target near 76.013, which aligns with a major supply and reaction zone.
Overall, the market structure remains bearish on the higher timeframe, but the current demand zone creates the potential for a temporary bullish pullback and corrective recovery toward the highlighted targets.
Price is now trading near a significant demand/support zone, where buying interest could potentially enter the market. This area may serve as a liquidity base for a short-term bullish retracement after the recent selloff.
The marked upside targets represent possible recovery levels if buyers successfully defend the demand zone. The first target sits around 73.689, acting as an important resistance and liquidity level. A stronger bullish continuation could then push price toward the higher target near 76.013, which aligns with a major supply and reaction zone.
Overall, the market structure remains bearish on the higher timeframe, but the current demand zone creates the potential for a temporary bullish pullback and corrective recovery toward the highlighted targets.
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