Price breaks the 3,740 OB → bearish BOS → liquidity target at 3,

1. Overall Picture

After a strong bullish rally, price formed a double top → distribution phase signal.

The 3,740 zone is currently acting as a liquidity zone (area holding buy-side stop-losses from bottom pickers).

2. Order Block (OB)

Before the strong bullish move, there was a Bullish Order Block around 3,740 – 3,750.

Now price is retesting this OB → if it breaks, the bearish momentum will likely be confirmed.

3. Break of Structure (BOS) & Change of Character (ChoCh)

At the 3,790 high, the structure showed a ChoCh (shift from bullish → bearish).

If price breaks below the 3,740 zone → it will form a clear bearish BOS, confirming a medium-term downtrend.

4. Liquidity Hunt

The 3,740 support is packed with buy stop-loss orders.

A sharp break below this level could trigger a liquidity hunt, allowing “big players” to accumulate around 3,690 – 3,700 before a potential rebound.

5. SMC Scenarios

Bearish scenario (primary): Price breaks the 3,740 OB → bearish BOS → liquidity target at 3,690.

Bullish scenario (less likely): If price reacts strongly at the 3,740 OB with a bullish engulfing candle → price could retest the supply zone near 3,770 – 3,780 before resuming its decline.

👉 In summary: Under SMC, the downside target at 3,690 – 3,700 is the main scenario, after which we should watch if “big players” push the market back up to continue the broader uptrend.