Harmonic Resistance at 138.2% FIbonnacci Extension

Apr 29, 2021

As indicated in the 1D chart, we are on the 138.2% Fibonnaci extension. The next extension level is around the 3150 price and is not a harmonic resistance, so to speak. This means that the current level should provide a strong resistance and a high chance of turnover. The harmonious nature, evident by multiple Fibonnaci retracements across different durations, is even clearer with the trend line of the recent peaks. Moreover, the latest candlestick patterns in the hourly chart also indicate a slow down.