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.
You can get all the rules and guidelines to the Fibonacci retracements on our website
This is an ongoing update to our recent video.
In yesterday's update we mentioned that it had taken out all the short term retracements and that we have to look to the long term for downside targets and would watch all the retracements above to see just how weak, or strong the market is.
With the new low, we now have to retrace back to the high of this short term range on the 21st and the first rally from the low has already reacted from 23.6% (B) at 33800 area. It failed to make a new low from there giving us the first sign that a change in the short term trend is possibly happening, however it still would have to take out 38.2% to say the trend has changed. That key level is 35500 (C). A break from this area should send them down to new lows to keep the trend negative. As always you have to watch all the retracements regardless of the target to see just how weak, or strong the market is. When and If they take out 35500 the next level to look for is 61.8% at 38175 (D). The long term target with new lows is still 61.8% of the ATH and 2018 low, this is 28300. The long term swing point is 43500.
This was our post at 10:55 in our free chat room on PayRue..
Ethereum just hit 78.6% of the last couple weeks at 2340.00, a rally from here longer term can take it back to 78.6% the other way at 2765.00. Short term look for a rally to 38.2% at 2540.00. below 2340.00 look for 2195.00.
The rally from 2340.00 did take it to 38.2% at 2540.00 as you can see on the chart below. The break from this level failed to make a new low, giving the first sign of a possible turn in the trend. It is back at the 2540.00 level and a break from here still can take it to new lows. Once they can clear 2540.00 the target is 2765.00 (B). We get this target based on the ONE44 78.6% rule, that is when a market holds 78.6% look for 78.6% of where it just came from. The low yesterday was 78.6% as mentioned above and the target from here is 78.6% at 2765.00. As always we will watch all the retracements to just how weak, or strong the market is.
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