A surge in price beyond 15500 serves as a signal of an impending bullish trend.
Further support for this bullish trajectory comes if the price vaults above the 16000 marker.
A target price has been determined at 16600 which aligns with the 100% Fibonacci projection level.
A stop-loss has been carefully positioned at 15000 to curb potential losses (38.2% Fib projection).
In addition, the prevailing price action continues to follow an upward sloping linear regression channel pattern, lending further credibility to the anticipated bullish trend.
Further support for this bullish trajectory comes if the price vaults above the 16000 marker.
A target price has been determined at 16600 which aligns with the 100% Fibonacci projection level.
A stop-loss has been carefully positioned at 15000 to curb potential losses (38.2% Fib projection).
In addition, the prevailing price action continues to follow an upward sloping linear regression channel pattern, lending further credibility to the anticipated bullish trend.