Price is kind of forming a Head and shoulder pattern between the red lines at the bottom of a long bearish run that began from the peak of Russia Ukraine war in early 2022.
Price has completed forming left shoulder and head, not its in the right shoulder.
There are two possibilities when price reached the red resistance line. Break the resistance or respect the resistance.
Price action suggest the price respected the resistance. Price traded above the resistance but came back within the range to close below the resistance in daily and 4H time frame.
Also the black resistance line comes from the 2022 peak. That for broken now. That broken resistance needs retesting.
There is a small possibility that price can consolidate here and try to move higher but moving lower has more valid reasons.
Price has completed forming left shoulder and head, not its in the right shoulder.
There are two possibilities when price reached the red resistance line. Break the resistance or respect the resistance.
Price action suggest the price respected the resistance. Price traded above the resistance but came back within the range to close below the resistance in daily and 4H time frame.
Also the black resistance line comes from the 2022 peak. That for broken now. That broken resistance needs retesting.
There is a small possibility that price can consolidate here and try to move higher but moving lower has more valid reasons.