As Bitcoin and Ethereum are getting closer to the long term targets, here are some things to watch for.
The long term target mentioned was 28,000, it is actually 28,250, however getting down to this level will take out the 6/22/21 low (28,857) that took it up to the ATH, so it could get real sloppy around this level. A plunge below it can take it to the next major Gann square at 24,815. Provided it holds 28,250 on a closing basis, the long term target would be 61.8% back to the ATH, per the ONE44 61.8% rule and this is 53,850.00. The short term target would be 38.2% back at 44,700. Any rally that can't get above 23.6% at 38,900 would be a very negative sign. If they did plunge down to the 24,815 major Gann square, I would want to see it close back above 38,250 for the targets just mentioned to be good. One close below would be acceptable. All of the above targets will be readjusted with any new low.
Failing to turn back up from the 28,250 area should send them down to 78.6% of the ATH and the 2018 low at 17,300.
The long term target here is 1900.00, this is 61.8% of the ATH and the 2018 low, there is also a major Gann square right there at 1927.00. Holding this area should send it to 61.8% at 3825.00 longer term, based on the 61.8% rule. Short term look for 38.2%, currently this is 3200.00 and any rally that can't get above 23.6% (2790.00) would be a very negative sign. Getting down to 1900.00 would not take out the 2021 low that led to the ATH, so it shouldn't be as wild a trade at this level. All the upside levels will change with new lows.
Failing to turn back up from 1900.00 should send them to 78.6% of the ATH and the 2018 low, this is 1100.00.
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