the price has been on an upward trend for 21 days, reaching a supply zone around $342.50. However, in the last three days, there has been a consistent downward movement. Currently, the price has pulled back to three levels: 50% of $311.87 and 61% of $308.89.
Your target appears to be a potential bounce back upwards from these levels, with $311.87 and $308.89 serving as support levels based on Fibonacci retracement. This is a common strategy among technical analysts who use historical price patterns and mathematical ratios to predict potential future price movements.
It's important to note that while technical analysis can provide valuable insights, it's not foolproof, and market conditions can change rapidly. Always consider combining technical analysis with other forms of analysis, risk management strategies, and staying informed about any relevant news or events that might impact the financial instrument you're trading.
Remember, investing and trading involve risks, and it's essential to do thorough research and possibly consult with a financial advisor before making any significant financial decisions.
Your target appears to be a potential bounce back upwards from these levels, with $311.87 and $308.89 serving as support levels based on Fibonacci retracement. This is a common strategy among technical analysts who use historical price patterns and mathematical ratios to predict potential future price movements.
It's important to note that while technical analysis can provide valuable insights, it's not foolproof, and market conditions can change rapidly. Always consider combining technical analysis with other forms of analysis, risk management strategies, and staying informed about any relevant news or events that might impact the financial instrument you're trading.
Remember, investing and trading involve risks, and it's essential to do thorough research and possibly consult with a financial advisor before making any significant financial decisions.