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.
Resistance levels on the way - 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'.
- $16216 could serve as another potential target if we apply a more conservative initial swing from Orange point A to point B.
Support/ Defence level for bulls - 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.
Key points on the chart.
**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.