Bitcoin Ethereum short term update
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
The key to the current rally from the June 8th low, is 38.2% (B) at 37,500. Following the ONE44 Fibonacci rules and guidelines, we know that any market that is going to continue the trend must hold this level. Provided it can, you should look for new highs and then the long term swing point of 43,500. This is 38.2% of the 5/19/21 low and the ATH. You can find more about the long term levels in our long term updates on previous posts here and on our website.
Back to the short term. 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. Taking out 39,400 should send it to new highs for the move. On a failure to hold 37,500 the target becomes 61.8% at 35,000.
Ethereum short term update
The high on the 14th fell well short of the long term swing point at 2750.00, this is 38.2% back to the ATH. It also fell just short of 61.8% (C) at 2640.00. The break from there is now retesting the lows made on the 11th. 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).