The chart shows that after a sharp bearish move, the price has entered a consolidation phase around the 46,500 – 46,520 support area. This zone, highlighted in grey, represents a demand area where buyers previously stepped in strongly to defend the level.
Currently, the market is in an accumulation phase, with buyers attempting to hold this key support zone. Based on price structure and liquidity behavior, the likely short-term scenario is as follows:
The price may revisit the grey support zone to collect liquidity resting below recent lows.
After liquidity absorption and confirmation of support, a bullish move toward the 46,620 – 46,650 resistance area is expected.
A clean breakout above this resistance could indicate the start of a short-term bullish leg in the market.
Summary
Selling pressure appears to be easing in the short term, and the grey zone remains a key level to watch. Holding above this area could open the door for a corrective upward movement, while a confirmed breakdown may lead to a deeper pullback toward 46,400 – 46,350.
Overall, as long as the price holds above the support zone, the short-term bias remains bullish.
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