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 and Ethereum short term update
In our update on June 22nd we gave the long term upside targets with the new lows and what they were in Fibonacci terms and as we always say, we will watch all the retracements on any move to see just how strong , or weak the market is regardless of the long term target. This update will focus on the short term retracements.
Bitcoin
The first rally from the low on June 22nd hit 38,2% (4) of the last month's trading range, it spent about a half of a day trading at, or just above it. The break from this area held 38.2% (5) of the current rally. It is always a strong sign, when a market holds 38.2% of a smaller range when coming from 38.2% of a much bigger range. It is now back at 38.2% (4) and once they clear this level the target will be 61.8% (A) based on the ONE44 Fibonacci rules and guidelines. In this area is 23.6% back to the ATH, so this is a big area to get through to say a longer term bottom is in. A break from this area, provided they get there, can take it back to test the lows. A break from the 34,000 area can still take it to new lows and 61.8% back to the 2018 low, this is 28,300.
Ethereum
The rally from the low on the 22nd (A) that was 61.8% of the ATH and the 2018 low has hit 23.6% (B) of the last month's range. The break below this area took it to 38.2% (C) of the current rally, A positive sign and once they can clear 23.6% (B) the target is 38.2% (D) at 2165.00. Above that is 23.6% (E) back to the ATH, this is the level they need to take out to say a longer term bottom is in and we can look for the targets mentioned in the June 22nd update. Failing to get above 2000.00 (B) can send it back to test the low.