- There’s a clear uptrend channel.
Symmetrical projection: An uptrend N pattern
- By projecting a 100% symmetry projection of the initial swing from point A to B, and extending it from point C.
- As the expected symmetric pullback to E did not occur, I anticipate a further 100% extension from D to F ($16733). The target price level aligns with the historical high level, adding significance to the target price.
- The price range from $15340 to $15360 is a crucial resistance level zone, as it aligns with multiple key Fibonacci levels.
- The 0.786 Fibonacci retracement level of the entire downtrend from point X to point A'.
- The 1.5 Fibonacci extension level from point Y to point A'.
- The prior low at $14250 is a key support level that shouldn't be broken, otherwise, the bullish momentum will be difficult to sustain.
- In addition to being level D, the level aligns with two critical Fibonacci levels, further enhancing its significance.
- The 0.618 Fibonacci retracement level of the entire downtrend from point X to point A’.
- Assuming the current high marks the end of the uptrend, the 0.236 Fibonacci retracement level of the uptrend from point A’ to point Z perfectly aligns with the prior low level.
**Not Financial Advice**
The information contained in this article is not intended as, and should not be understood as financial advice. You should take independent financial advice from a professional who is aware of the facts and circumstances of your individual situation.
