Key Levels: Upper Order Block (OB): This area is located exactly between 0.382 and 0.5 Fibonacci retracement levels and serves as a critical resistance zone where sellers are likely to enter. Descending Trendline: This trendline intersects with the order block, further reinforcing its role as dynamic resistance. Lower Order Block (OB+): Found near the 0.236 Fibonacci level, it acts as a strong support zone. Bearish Scenario: Triggers for a Downward Move:
Price reacts to the order block between 0.382 and 0.5 Fibonacci levels. The descending trendline coincides with the resistance area, intensifying selling pressure. Steps of a Potential Decline:
Step 1: Price faces rejection at the resistance area (OB). Step 2: The initial support around 97,944 (0.382) will be tested. Step 3: If this level breaks, the price may drop further towards 95,482 (0.236 Fibonacci) and the lower order block. Final Step: Continued selling pressure could lead to a deeper decline toward the 91,500 support zone. Updated Key Levels: Upper Order Block (OB): Located between 0.382 and 0.5 Fibonacci (97,944 - 99,934). Lower Order Block (OB+): Positioned near 0.236 Fibonacci (95,482). Conclusion: The area between 0.382 and 0.5 Fibonacci retracement is a critical zone for sellers. If the price fails to break this resistance, there is a strong likelihood of a decline toward lower support levels. Breakout Probability: If strong bullish volume and momentum push through the upper order block, the bearish scenario will be invalidated.
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