Bitcoin/Ethereum

Bitcoin

Long term Bitcoin remains in a strong position and the long term target is still 44000. They held well above the 38.2% retracement at 27250 and have now taken out 33800, this is 38.2% of the break from the all-time high, however they are getting up to an area that can turn the market lower again. By using the ONE44 Fibonacci rules and guidelines we know that a lot of the failures to make new highs end at 78.6%, this level is 39100. The target on a break from this area based on the guidelines, tells us to look for 38.2% (27250) of the whole move, since they have already reacted to 23.6%. The 78.6% level was what sent the market on 1/14/21 at 39500 down to 29000 on 1/22/21. As always we watch all the retracements on all moves and any break from the current high that can not get below 38.2% at 34800 keeps the market extremely positive.

Ethereum

Long term Ethereum remains in a strong position, however they have been unable to get a solid close above our long term target of 1425.00. Provided they can close above 1425.00 this will become our long term swing point and the long term target is 1760.00, with one other major Gann square to watch for resistance at 1602.00. On a break from 1425.00 look for 1169.00 and then what is our current long term swing point at 922.00, this is 38.2% back to the 2018 low.