Channel
- 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 ($16,733). The target price level aligns with the historical high level, adding significance to the target price.
Resistance levels on the way
- The price successfully surpassed the previous key resistance level at $15,344 and paused by reaching the upper band of the uptrend channel.
(Please refer to the link, "Related Ideas", below for more details.)
- The next resistance level is the “Another potential TP” level at $16,216.
( If applying a more conservative initial swing. Please refer to the link, "Related Ideas", below for more details.)
Support/ Defence level for bulls
- Since the price successfully broke out and closed above the old key resistance at $15,344, we can adjust the prior low level to $14,853.
- The level at $14,853 coincides with two key Fibonacci levels:
- The 0.236 Fibonacci retracement level from point A to “Another potential TP” level (assuming that level G represents the end goal of this uptrend).
- The 0.382 Fibonacci retracement level from point C to point F (assuming that level F represents the end goal of this uptrend).
**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.
