Bitcoin Update

ONE44 Analytics where the analysis is concise and to the point

The wide swings the market is having is not uncommon when they are caught between major levels, like the all-time high and 23.6% back to the 3/13/20 low. It did trade below our long term swing point of 32700 (23.6%), but never closed below it. The trade between these levels can be considered trendless and you get 61.8% and 78.6% retracements as you can see on the hourly chart. This is under the ONE44 Analytics rules and guidelines

Whenever the market holds 61.8% of a move, look for it to go 61.8% of where it just came from

When a market hits 61.8% it tells us two things, one, that we should look for 61.8% back of the current move and two, once dealing with very large ranges that it tends to mean the market is going into a choppy trading range with big swings. For how long? This all depends on the size of the range and the time spent to produce the two levels that the retracement comes from.

They are currently still in a very strong position, by being above 23.6% to the 3/13/20 low and we can eventually look for new ATH's as long as it holds this level. Until then look for the swing to continue with support at 61.8% of the last few days at 35300 and even down to 78.6% of the last 10 days at 32700.