Bitcoin Ethereum 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
The latest plunge took it below the 52944 major Gann square and just above 23.6% back to the 2018 low, this level is 50900. The key level to watch to see if this break is over is 56850, (use it as the swing point for the overnight) this is 38.2% back to the ATH, if they can get above it and close above the 57700 major Gann square it should be over and you can look for the next major Gann square at 62470 and then the long term target of 67700. Failing to get above 56850 is a negative sign and they should go for new lows. With a solid close below 23.6% back at 50900 look for the long term swing point at 42250, this is 38.2% back to the 2018 low, before then look for support at the other major Gann squares of 47860 and 44160.
ETHEREUM
The break here fell $7 short of 23.6% back to the 2018 low, this was 1963.00 and they have already traded up to and through 38.2% back to the ATH, this is 2190.00, use this as the swing point for the overnight. Provided they can get a close above the 2291.00 major Gann square the break should be over and if so, look for new highs and then the long term target of 2950.00. Watch the other major Gann squares at 2509.00, 2710.00 and 2912.00 for resistance before then. Failing to stay above 2190.00 is a negative sign, below it, look for new lows and then the long term swing point of 1602.00, this is 38.2% back to the 2018 low and a major Gann square.
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.
https://www.youtube.com/watch?v=8THwUxnhrvE&t=63s&ab_channel=ONE44Analytics
