Bitcoin is still well above the long term swing point of 37400, however it is below 45400, this is 23.6% back to the 2018 low, it is also below the 44160 major Gann square as of this post. You can use 45400 as the swing point for now and as long as it stays below it look for the long term swing point at 37400. Before then, look for support at the next major Gann square at 40000, this is also 61.8% back to the 1/22/21 low. With a close back above 45400, look for a rally to retest the all-time high. We will watch all the retracements on any rally now to see just how strong, or weak the market is. Using the current low, 38.2% back up is 49000 this will be the first test for the strength of this market.
Ethereum is coming into some major levels for the long term trend. In this area is 1347.00 this is 61.8% back to the 1/11/21 low, a major Gann square at 1306.00 and most importantly is 1295.00, this is 38.2% back to the 2018 low and our long term swing point. They can trade below this level, however we would want to see it close back above it. Provided they can hold this area, look for a retest of the all-time high. As always we will watch all the retracements on the move back up and 38.2% of the current break at 1597.00 will be the most important to see if the break is over.With a solid close below 1295.00 the next long term target as long as they remain below it will be 832.00, this is 61.8% of the 2018 low. You can look for support at all the major Gann squares before then at 1177.00, 1041.00 and 922.00.
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
Sign up for our Free newsletter here.