1 Year range coming to an end with 33k bottom?
Drawing support using the 2017 top (plateau, not the true peak) to the July 2021 bottom, a confluence appears at the 50W MA at about 33k.
I think it is possible to wick down to the 1.272 Fibonacci extension at around 31770 but that the candle body low will be set at 33k and lead us to the upper bounds of the ranging trend we have had between 31k-59k and then breaking up to the 2, or 2.272 Fibonacci extension in a bull scenario.
Bear scenario: I think 19550 holds as strong support and we range below 30k until sometime in 2023
I think it is possible to wick down to the 1.272 Fibonacci extension at around 31770 but that the candle body low will be set at 33k and lead us to the upper bounds of the ranging trend we have had between 31k-59k and then breaking up to the 2, or 2.272 Fibonacci extension in a bull scenario.
Bear scenario: I think 19550 holds as strong support and we range below 30k until sometime in 2023
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