Bearish Drop

Key Levels:
Resistance: 3.6500
Pivot: 3.5315
Support: 3.4115

Preferred Case:
On the H4, with the price breaking the ascending trendline and ichimoku cloud , we have a bearish bias that the price may drop from the pivot at 3.5315, which is in line with the 78.6% fibonacci projection and 61.8% fibonacci retracement to the 1st support at 3.4115, where the 50% fibonacci retracement and swing low are.

Alternative Scenario:
Alternatively, the price could rise to the 1st resistance at 3.6500, where the pullback resistance is.

The copper price fell as the market worries about demand in China surfaced due to weak economic data and a firmer dollar. Meanwhile, Chinese property developers sharply cut investment in July, while new construction starts suffered their biggest fall in nearly a decade.