Bitcoin, Ethereum breaking hard from our long term targets
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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, that we believe are the underlying structure of all markets and Gann squares.
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Charts are courtesy of Barchart.com
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The break from our long term target of 67,700 initially held the next major Gann square back at 62,470, before failing to make a new high on that rally. The high of that one day rally stopped at 61.8% (66,200) and today it has hit the first of our longer term support levels. The low overnight hit 23.6% back to the 6/22/21 low, this is 59,100, if this is all it can break from the long term target, the trend remains very strong and it should go for new highs. Provided this did happen and with a solid close above 67,700, look for the next major Gann square at 72,900.
The long term target above has a good chance of making this a bigger break than we have seen lately and if so, there are two key areas to watch for. The first is 53,700 to 52,800, in this area is 38.2% back to the 6/22/21 low, 23.6% back to the 2018 low and a major Gann square. The second area is 44,400 to 43,700, the first is 61.8% back to the 6/22/21 low, the second is 38.2% back to the 2018 low and this is the long term swing point, also in between is a major Gann square.
The break from the long term target fell just short of 23.6% of the 6/22/21 low this morning, this is 4100.00. Like Bitcoin, if this is all they can setback look for a run at the highs again and on a bigger break there are two key areas to watch. The first is 3730.00 to 3652.00, this is 23.6% back to the 2018 low and 38.2% back to the 6/22/21 low. The second area is 3030.00 to 2930.00, the first is 38.2% back to the 2018 low and it is our long term swing point and the second is 61.8% back to the 6/22/21 low.
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