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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
In our update on the 22nd we said this,
"In the shorter term 38.2% of the previous month's range is 34,000, and the 200 day average is 34,900, provided they can close above these levels in the next couple days the bottom should be in for now. Failing to get above them should send them to new lows."
It did have one close above 34,000, however it failed to get a close above the 200 day average at 34,900 and they are now attempting new lows. There are a couple sets of Fibonacci rules at play here in the short term. First, the overnight low hit 78.6% (A) of the recent rally and using the 78.6% rule, we should be looking for 78.6% the other way and this is 34,300 (B). Secondly, Failing to make a new low on the break back below 38.2% (4) at 34,000 should send it up to 61.8% of the same range at 36,600 (C).
If no rally comes from 30,300 (A) look for new lows and 28,300, this is 61.8% of the ATH and the 2018 low, if this level gets taken out go to the long term view for the next target. Provided it rallies from 30,300 it will still need a close above 23.6% (C) back to the ATH to say a longer term bottom is in.
The rally from the low on the 22nd was only able to get just above 23.6% (B) of the last month's range at 2000.00. The break from this area went to 38.2% (C), following the 38.2% rule, it should go for new highs to keep the trend intact and if no new high, or a slightly higher high you can look for 61.8%.
That rally failed to make a new high (1) and the break from it went beyond 61.8% and back to 61.8% (A) of the ATH and the 2018 low. If this level is taken out you will have to go to the long term levels to see the next target. With the break from 23.6% (B), a failure to make a new low, or slightly lower low should send them up to 38.2% (D). It will take a close above 2350.00 to say that a longer term low is in, this is 23.6% (E) back to the ATH.