The price reversed its prior downtrend with a decisive breakout from a falling channel.
This breakout triggered a strong upward impulse, which then began to consolidate into a large symmetrical pennant.
However, the price recently failed to hold the lower support trendline of this pennant and broke to the downside.
The asset is currently trading just below this broken trendline, appears to be a liquidity grab.
To continue upwards, buyers must now overcome the immediate resistance located at the 116300 level.
I expect that this breakdown was a fakeout, and the price will soon reverse, break through the 116300 resistance, and continue its rally toward the 121000 target.
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