After anticipating the rise of price in the previous analysis we can see now that price stopped short at our weekly midrange resistance (27,000). Price has been rising for weeks now so a pullback is likely now. As of right now our weekly midrange resistance (27,000) is being tested.
Basing our Fibonacci from the daily time frame, the 38.2% fib level aligns with our daily support point (26,371). A retracement to this level is likely since our weekly resistance is not broken.
If price retraces to (26,371) a new higher low can form above 38.2% to continue the upward momentum or price can keep falling. As of right now I still think price could reach (28,000), not to mention we have confluence on the 38.2% level and the -27% with out (28,000) target.
Basing our Fibonacci from the daily time frame, the 38.2% fib level aligns with our daily support point (26,371). A retracement to this level is likely since our weekly resistance is not broken.
If price retraces to (26,371) a new higher low can form above 38.2% to continue the upward momentum or price can keep falling. As of right now I still think price could reach (28,000), not to mention we have confluence on the 38.2% level and the -27% with out (28,000) target.
