Classic chart, let me demonstrate the key position $THE

This position is crucial, I just noticed it when a friend in the comment section asked me about the short-term outlook

There was a hammer candlestick signal indicating a stop in the previous price action, which is fine, but the issue is just above the current price, which is a very critical resistance level

Why is it critical? It’s the Fibonacci retracement level of the downward segment + small structure on the chart + resistance level of the downtrend, they resonate directly

This means if this position breaks, the trend will reverse, and a new wave of upward movement will continue

If this position does not break, then the downtrend will continue, and next time it wants to come up to this level, it will need some events or market conditions to stimulate it