Bitcoin, Ethereum at 23.6% back to the ATH
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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.
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This is an ongoing series of updates for Bitcoin posted on Barchart.com and the ONE44 Analytics website on how to use the Fibonacci retracements.
The big rally overnight in Bitcoin and Ethereum has them into some long term levels.
Bitcoin is currently trading above 23.6% back to the ATH, this is 37,500. Provided they can close above this level look for the long term swing point of 42,750, this is 38.2% back to the ATH and it is the level that must come out to turn the long term positive. Until 42,750 is taken out look for the wide trading range between this and the 28,957 low to continue. With a close today below 37,500 (23.6%) look for a retest of the low.
Ethereum has also hit 23.6% (2370.00) back to the ATH on the rally from 61.8% (1740.00) of the ATH and the 2018 low. It is currently trading below 2370.00, with a close above it, look for the long term swing point at 2740.00, this is 38.2% back to the ATH. Until this level is taken out the long term trend is still down and you can look for the wide trading range between 2740.00 and 1740.00 to continue. Not closing above 2370.00 can send it back down to test the lows again.