ONE44 Analytics where the analysis is concise and to the point
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.
May 14th update...
Tuesday's high was just short of the long term target of 4410.00. We will now see if the Elon break will be elongated.
All of the key levels have moved up, the break so far has hit the 3560.00 major Gann square and just below 23.6% (3660.00) back to the 3/1/21 low. You can use 3660.00 as the short term swing point for now, above it look for a retest of the 4410.00 long term target, below it look for the area of 3380.00 to 3344.00. The first is 23.6% back to the 2018 low and the second is a major Gann square.
We know based on the ONE44 Fibonacci rules and guidelines, that a market that only retraces 23.6% keeps a market extremely strong and that it must hold 38.2% to keep the trend intact. So, if all they can do on this setback is get down to 3380.00, look for new all-time highs. On a failure to hold 23.6% look for the area of 2750.00 to 2710.00 this is 38.2% back to the 2018 low and a major Gann square.
The long term swing point is now 2750.00, taking this out would do major damage to the long term trend.
After holding the 3660.00 swing point, they failed to make new highs and the break from there has taken it down to the target area of 3380.00 to 3344.00. This area is 23.6% back to the 2018 low and a major Gann square. On a rally from this area look for 3740.00, this is 38.2% back to the ATH and the level that would need to be taken out to say the break is over. Failing to get above 23.6% at 3600.00 would be a very negative sign and you can look for a break down to our long term swing point at 2750.00, this is 38.2% back to the 2018 low and just below this is a major Gann square at 2709.00.
May 14th update...
While Ethereum was making new all-time highs, Bitcoin could not get a close above our 57700 swing point, this was 61.8% back to the ATH and a major Gann square. The Elon break took it down to new lows for the move and it closed below 23.6% (50900) back to the 2018 low. Having done this we can now watch 53700, this is 38.2% back to the ATH and is our short term swing point. Any rally that fails to get back above 50900 would be a very negative sign, this is not only 23.6% back to the 2018 low, but 23.6% back to the ATH. Failing to get above there should send it down to the long term swing point of 42250. This is 38.2% back to the 2018 low.
Bitcoin failed to get a close above 50900 and has now made a new low. It hit the 44160 major gann square and the tightest resistance above is 48800, this is 23.6% back to the ATH. The swing point is now 51850.00 this is 38.2% back to the ATH and the level that would have to be taken out to say the break is over. Until then look for the long term swing point at 42250, this 38.2% back to the 2018 low and the level that must hold to keep the long term trend intact. We will talk about the impact of this level, when and if it is taken out along with the long term view and targets.
On both the Ethereum and Bitcoin charts you can use the major Gann squares as support and resistance, they are marked by the yellow horizontal lines.
The second set of charts are Gann squares on an Hourly basis and can be used as short term support and resistance.
You can find the short term Gann square charts on Litecoin, Ripple and Dogecoin on our website as well.
You can get all the rules and guidelines to the Fibonacci retracements on our website.
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