Cocoa Futures ( CC1! ), H4 Potential for Bearish Drop

Title: Cocoa Futures ( CC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 2569
Pivot: 2422
Support: 2470

Preferred case: Looking at the H4 chart, my overall bias for CC1! is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to break the support at 2470, where the 61.8% Fibonacci line is before heading towards the pivot at 2422, where the 50% Fibonacci line is.


Alternative scenario: Price may head back up towards the resistance at 2569, where the previous swing high is.

Fundamentals: There are no major news.