Bitcoin, Litecoin Top? 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, that we believe are the underlying structure of all markets and Gann squares.
Here is a quick set of guidelines for the Fibonacci retracements to help with this article. You can find all the rules/guidelines and examples on any deviations from these four basic rules on our website.
1) The Golden rule, any market that is going to continue the current trend must hold 38.2% and a new high/low should follow.
2) Markets that are extremely strong/weak will only go 23.6% and a new high/low should follow. Typically a runaway market.
3) The 61.8% rule is, any market that holds 61.8% should go 61.8% of where it just came from. Usual happens when a market is directionless, or in a consolidation period.
4) The 78.6% rule is, any market that holds 78.6% should go 78.6% of where it just came from. This is also where a lot of Bull markets end and start.
This is an update to the article "Bitcoin, Litecoin Top?" on Sept. 4th.
The break that is happening right now should not have surprised anyone that is using the Fibonacci levels. Especially when you know what level the market was up against and what to look for from them.
Bitcoin hit our long term target of 51,150 that was mentioned on June 22nd. They did trade above it and had one close above which then made it our short term swing point. As always we want to see two close's through key retracements to consider them violated. Once they got below 51,150 this morning, the incredible break happened. It has already traded through 23.6% (47,300) of the leg up and we are now looking for the long term swing point of 43,750, this is 38.2% of the move. The long term target on a break from 51,150 is 61.8% at 38,000. A close today above 47,300 can send it right back up to the highs.
Litecoin hit the long term swing point at 223.00, this is 38.2% back to the ATH, a break from here can send it to new lows based on the ONE44 Fibonacci rules and guidelines. It will have to get a couple closes above 223.00 to turn the long term trend positive.
Ripple hit 61.8% back to the ATH perfectly at 1.42, this level was mentioned in a post on August 15th. https://www.one44analytics.com/musk-cuban-dogecoin/ It has already come back into the long term swing point of 1.08, this will be key to the close, above it can send it back to the highs and below it, because 1.42 was 61.8% we will be looking for 61.8% the other way and this is 0.86.
We feel it is extremely important to know where all the major Fibonacci retracements are and what can happen from them.
All of our posts on the website and YouTube videos are done in the same fashion, of educational and actionable information. You can also find our short term updates in Cryptocurrencies on the hourly charts. Whatever technical analysis tool you are using, should work the same in all markets and time frames to truly be of use. and we show this in the short and long term updates.