Bearish Reversal

Key Levels:
Resistance: 59494.65
Pivot: :57669.37
Support: 53630.53

Preferred Case:

Price is reacting in between the descending channel, signifying overall bearish momentum. We can expect price to drop from pivot level in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci projection and overall graphical support.

Alternative Scenario:

Alternatively, price could push upwards to the 1st Resistance in line with 161.8% Fibonacci projection.