NAS100USD H4 | Potential bearish breakout

TitleNAS100USD H4 | Potential bearish breakoutTypeBearish BreakoutPreference:Price is falling towards the pivot point of 16542.7 which is a pullback support and could potentially break under this level; we could see momentum carry price down to its 1st support at 16321.47 which is a support level that aligns with a confluence of Fibonacci levels i.e. the 50.0% retracement and the 161.8% extension.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 16611.94 which is a pullback resistance level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.