Bitcoin/Ethereum, is the party over as quickly as it started?
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, that we believe are the underlying structure of all markets and Gann squares.
Bitcoin/Ethereum
These markets had explosive moves in the last few days relative to the past 6 weeks and it has taken it into the first key resistance areas.
Bitcoin
The sideways trade since the 6/20/22 bottom has had a couple attempts to rally only to be shut down by a Fibonacci retracement. The first was on 8/15/22, it hit 23.6% back to the 3/28/22 high and it was also a major Gann square at 24,815. The setback from there sent it down to 78.6% of that high and the 6/20/22 low at 19,200, on 9/7/22.
The rally from there could only get to 61.8% of the 8/15/22 high and then it sat on the 19,200 level for the last 6 weeks.
Now,
The current rally has hit the first key level to see if it goes right back down, or there is more to come. It is a combination of 38.2% back to the 8/15/22 high and a major Gann square at 20,805. Failing to get above this level should send it right back down to 19,200. With a solid close above 20,805 the next target is the previous major Gann square at 24,815.
Ethereum
This market has been sitting on 61.8% of the 6/20/22 low and 8/15/22 high, this is 1320.00, it also has a major Gann square at 1296.00 since 9/19/22. The current rally has hit 38.2% back to the 8/15/22 high, this is 1515.00.
Now,
A break from this level can send it right back down to the 1296.00 major Gann square. A failure to turn lower from here should send it to the area of 61.8% at 1715.00 and the 1765.00 major Gann square.
This is our latest video on how to use the Fibonacci retracements with the ONE44 rules and guidelines. VIDEO LINK
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