Preference:

Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. Price is currently at the graphical overlap support. We can expect price to push further down if price closes below the pivot level in line with 100% Fibonacci projection towards 1st Support in line with 161.8% Fibonacci projection and 161.8% Fibonacci extension. This would form a possible nike tick formation and our bearish bias is further supported by the price holding below the MA.

Alternative Scenario:

Alternatively, price could push higher towards the 1st resistance in line with 61.8% Fibonacci projection and 50% Fibonacci retracement.

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