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 series of updates for Bitcoin posted on Barchart.com and the ONE44 Analytics website on how to use the Fibonacci retracements.

Bitcoin

Short term view

We left off on 7/14/21 when it had just hit 61.8% (D) at 31,700. The target was 61.8% the other way based on the ONE44 Fibonacci rules and guidelines, this would have been 34,600 and as always we watch all the retracements on any moves regardless of the targets to see just how strong, or weak the market is. The rally from 61.8% (D) could not even get up to 38.2% (1) at 33,500, keeping the trend negative and new lows followed.

The next rally was even weaker and could only go to 23.6% (A) back at 32,400. The break from there took it down to 78.6% (B) at 30,500. That produced no rally at all and new lows followed again.

The current rally has hit 38.2% (2) back to the 6/29/21 high at 32,100. The 38.2% rule says we should be going for new lows below it. The target on a new low should take them to the long term level of 28,300, this is 61.8% of the ATH and the 2018 low. With any failure to make a new low from here, or take out 32,100 the target becomes 78.6% (3) up at 35,000.

Ethereum

(ETHUSD)

Short term View

On 7/14/21 we posted

The overnight low of 1869.00 has hit 78.6% (2). There are two things about the 78.6% level, 1) is that this is the level that starts and ends a lot of bull runs in the bigger picture and 2) is, the target after hitting 78.6% is 78.6% of where it just came from and this is 2290.00 (3). Any rally that can't get above 38.2% (4) keeps the trend negative and you can look for new lows.

Currently

The rally from 78.6% (2) could not even get to 38.2% (4) and a slightly lower low followed. The next rally hit 23.6% (A) at 1990.00 showing us just how weak the market was. The new low took it back to the long term level of 1720.00, this is 61.8% back of the ATH and 2018 low. Today's it hit 38.2% (B) of the current break and like Bitcoin we will look for new lows below it and any failure to make a new low, or take out 1990.00 the target will be 78.6% (C) at 2260.00.