After looking at the weekly time frame I came to look at the possibility of price reaching high (27,500)- (28,000). If we draw our Fibonacci from point A (22431) and point B (26563) we can see that we have confluence at two different FIB Level.
Our first level 38.2% has perfectly aligned with our weekly mid-range support (25,000). Not to mention price formed a bullish engulfing above that level. That's our first confluence. Our second confluence is at our 61.8% FIB level which price never got to reach. That level is perfectly aligned with our monthly support key level (24,000).
Also we got our moving averages cross blue over red indicating buyer momentum. Our next question is will price reach our first FIB extension level -27.00.
The question is how can price reach an all-time high under such weak economic environment?
NextPDT
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@wangbo641801, Greed, manipulation whatever excuse they can come up with. Who knows what's on their playbook.
NextPDT
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@wangbo64181 You gotta realize that they are in control not us. Price doesnt always directly reflect the economy. Take 2008 economic crisis. Market was going up at a point were things were going south in the economy.