Bitcoin hits the 61.8% target
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.
The current rally reacted from 23.6% (B), but failed to make a new low, telling us of a possible trend change. It hesitated at 38.2% (C) before going on to 61.8% (D) at 38150.
This target was posted in our PayRue chat room..
Bitcoin, on a break from 36420 look for the 34850 DSP. above it they go for 38150
Being that this is 61.8% the target on a break from 38150 is 61.8% the other way, based on the ONE44 61.8% rule. This level is 33950. As always we will watch all the retracements regardless of the target to see just how weak, or strong the market is, so any break from 38150 that only goes 38.2% back at 35650 keeps the current trend intact and we would then look for 78.6% (1) at 40050.
For today use 38150 as the DSP (dynamic swing point) above it they go for 40050, below it 35650.
The long term swing point is 43500, this is 38.2% of the 5/19/21 low and the ATH, until they can get above this the trend is negative and the long term target on the downside is 28300, this is 61.8% of the ATH and the 2018 low.
You can find our previous updates on Barchart and the ONE44 Analytics websites, you can also see the previous updates in our latest video
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