Preference:
Price is abiding to the descending channel, signifying a bearish momentum. We can expect price to continue to drop from the pivot point in line with 38.2%
Fibonacci retracement towards 1st Support in line with 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price can push up to 1st Resistance in line with 38.2% Fibonacci retracement and 161.8% Fibonacci projection.
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