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.
Bitcoin short term update 6/20/21
When we left off in our 6/17/21 update it had just hit 38.2% (A) of the overnight range and we said,
"It failed to hold 23.6% of the move at 39,000 and the overnight rally hit 38.2% (A) of the break from 41,299, telling us they should go for new lows and then 37,500."
They did go for new lows and to 37.500, this was 38.2% back to the June 8th low and the level that was key to the trend staying positive. It hesitated there for 17 hours without an attempt to rally and when it took out 37,500 the target became 61.8% (C) based on the ONE44 Fibonacci rules and guidelines. This was 35,100 and it was hit at 10pm on the 18th. The rally from there could only get up to 23.6% of the break at 36,350 (D) keeping the short term trend very negative and looking for new lows. The new lows went right to 78.6% (E) at 7am this morning.
The target based on the 78.6% rule, is to look for 78.6% the other way and this would be 39,500 (1) and as always we will watch all the retracements on any rally and if all they can get up to is 38,2% (2) then the trend remains negative and you should look for new lows.
You will have to go to our long term update to see what the targets are with new lows.
On the 17th we said this,
"Like Bitcoin, the overnight high was only able to rally 38.2% (1) at 2460.00 telling us they should go for new lows. Failing to make a new low and taking out 2460.00 should send them up to the long term swing point. The targets with a new low are 61.8% (2) at 2200.00 and 78.6% (3) at 2000.00. Since they did react to 61.8% (2) already on May 29th, it is more likely to go for 78.6% (3)".
The move down to 61.8% (2) could only produce a 23.6% rally (A), just like Bitcoin. The new low has yet to hit 78.6% (3) and the key level above is 38.2% (4) at 3272.00, if this is all they can rally the trend remains negative and if they can't even get past 23.6% at 2250.00 it is very negative. Here too, you will have to go to our long term update to find the targets on a new low.