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.
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.
