1. strong rejection of lower price near 50EMA
2. in the previous fall it did not tested the support ( green line)
3. near 30-40 range
all these suggests that this fall was inevitable
in 1Hr time frame you can see a channel (dark blue lines) where its trying to break but fails every time
it is consolidating and every time it bounces a big selloff is there
reason :- the upper grey line acting as strong resistance . this resistance can not be asily visible in 1H time frame but in 1D time frame it has its impacts which further lowers the momentum to break out.
so what's next?
it will continue the and will take support of lower grey line and move forward . by that time will reach 25-30 (in 1D time frame) which will be considered oversold.
as it reaches the green line it will find its strength to bounce back from point marked ( yellow arrow)
and then will continue in consolidation in the upper gery and lower green channel.
after that it will take 1-2 days to break out(cyan line )