Bitcoin, Ripple, Cardano and Fibonacci
The only one still above the last retracement from the ATH to their ATL is Bitcoin. As we mentioned in our last update,
After sitting on 61.8% of the ATH and 2018 low at 28,250 for a month, it has taken it out in a big way. The rally from 28,250 could only get back to the 32,441 major Gann square and well below 38.2% back to the 3/28/22 high at 34,190 keeping this market extremely weak. As we have said in previous posts, failing to hold 28,250 should send it to 17,000, this is 78.6% of the ATH and 2018 low, there is also a major Gann square at this level. Before then is another major Gann square to look for support at 20,805.
You can now use 28,250 as the short term swing point, it is also 23.6% back to the 3/28/22 high. Until this area is taken out it is not even worth looking at the other retracements from that same high or, the ATH. We will update those levels once this has happened, so keep watching the ONE44 blog.
This weekend's low was 17,614, this could be the bottom based on the bounce they had from that low, however we will watch all the retracements above to see just how strong, or weak the market is. If you have been following the ONE44 Fibonacci rules in our updates, you know it will have to take out 38.2% of the last leg down to do anything positive, so watch 23,300. Failing to get above here keeps the trend extremely negative and you can look for 17,000. Provided 23,300 gets taken out we will start to watch the retracements back up to the 3/28/22 high, 23.6% of this is 24,815 and this is also a major Gann square.
Use 78.6% of the ATH and ATL at 70.00 as the short term swing point, below it, who wants to catch a falling knife. It is better to see if it can get some momentum before getting in. The first good sign would be getting back above 70.00, once they can clear this look for 23.6% back to the ATh, this is 1,06. The long term trend is not going to turn positive until 38.2% is taken out at 143.00. As you can see on the chart all the attempts to rally since the ATH have either hit 38.2%, or 23.6% keeping the trend negative, so what's on top is more important right now and when it truly does turn up it will start to hold retracements below again.
Ripple is in the same position as Cardano, you can use 78.6% of the ATH and ATL as the swing point, this is 0.45. Just above there it does have a combination of retracements at 0.54, this is 23.6% back to the 9/7/21 high and 38.2% back to the 2/8/22 high. The long term swing point is 0.93. Here too, once the rally really starts it will begin to hold retracements below.
This is our latest video on how to use Fibonacci retracements the ONE44 way!