ONE44 Analytics where the analysis is concise and to the point
Bitcoin for the Weekend
Bitcoin traded below 45400, but they never closed below it, this was 23.6% back to the 2018 low. This keeps the market extremely strong and a rally from this area should send the market up to retest the all-time high and then on to our long term target of 64000. This will all hinge on them continuing to close above 45400.
Failing to hold 45400 should send them down to our long term swing point at 37400, this is 38.2% back to the 2018 low. As the ONE44 Fibonacci rules and guidelines say, this is the level that must hold to keep the long term trend intact.
In between these major levels you can use the 30 min. chart below with the secondary Gann squares on it, this is based on his "Law of Vibration". I have also put the levels that also held Fibonacci retracements, so you can see the importance of both.
Taking a quick look at this week's trading I have marked 4 of the retracements. (1) was 38.2% back to last week's low. Following the 38.2% rule, we should have been looking for new highs for the move. This did happen and that rally took it up to 61.8% back to the all-time high (2). The 61.8% rule says to look for 61.8% of where it just came from. This was accomplished with (3) and now using the same rule we should look for 61.8% back up at (4). Also in between (2) and (3) you can see how many of the moves hit other retracements.
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.
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