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.

7/26/21

Crypto

The big rally overnight in Bitcoin and Ethereum has them into some long term levels.

(GBTC)

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.

Following up on this post from yesterday,

The close yesterday of 37,681 was just above 23.6% back (37,500) to the ATH, not enough to be considered a solid close, so we will continue to watch this level on the close again today.

Despite not having a solid close above 37,500 the overnight setback did hold 38.2% (36,350) of the move up, this is a very positive sign and with a close above 37,500 we are looking for 42,750. Following the ONE44 Fibonacci rules and guidelines holding 38.2% should send them to new highs for the move and a failure to do so should send it down to 61.8% at 33,400. A lot of failures to make new highs after holding 38.2% happen at 78.6%, so keep an eye on 39,800, a break from here can be a sharp one.

7/26/21

(ETHUSDT)

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.

Following up on this post from yesterday,

Ethereum failed to close above 23.6% to the ATH at 2350.00, however like Bitcoin it held 38.2% of the current rally, this was 2160.00 and it should send them to new highs for the move. Here too, watch 78.6% at 2370.00 for any failure to make a new high. With no new high look for 61.8% at 2000.00. With a solid close above 2350.00 look for 38.2% back to the ATH at 2740.00.