Looking at 4H chart pattern, 1305_ level is a new lower high point (descending from 8th Sep high level of 1356).
And price rebounded from MA200, and is quite below MA200 now (~25$). This may be interpreted as a continuation of the bearish trend.
If the price to move up again, it has to break several resistance lines together with psychological level 1300 and MA200. On the chart I marked possible cycle high lines to be broken. Of course Fibo levels also to be watched.
Red line (passing through the shoulder highs of the top SHS_ formation) seems to be the strongest resistance line,
As the mood seems bearish, a lower low point around ~1250 might be expected.
And price rebounded from MA200, and is quite below MA200 now (~25$). This may be interpreted as a continuation of the bearish trend.
If the price to move up again, it has to break several resistance lines together with psychological level 1300 and MA200. On the chart I marked possible cycle high lines to be broken. Of course Fibo levels also to be watched.
Red line (passing through the shoulder highs of the top SHS_ formation) seems to be the strongest resistance line,
As the mood seems bearish, a lower low point around ~1250 might be expected.