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Bitcoin has now hit our long term target of 44000, on a break from this area look for 34670, this is 23.6% back to the 2018 low. The long term swing point now moves up to 28700, this is 38.2% back to the same low and the level that must hold to keep the long term trend intact. Any break from this area that can only go back to 38500 would keep the market extremely strong, this is 38.2% back to the low on 1/22/21.
With a solid close above 44000 it would become the short term swing point and the next long term target will be 65000. There are other major Gann squares to look for resistance before then, at 48430, 52940,57707 and 62470.
Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements and Gann squares.
You can get all the rules and guidelines to the Fibonacci retracements on our website
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.