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.
What a day!
Did it do damage to the long term trend?
The initial rally after hitting our long term swing point of 42250 rallied $3000.00 and now they blew that level out, so now we have to take a look at all the key retracements levels. First of all 42250 was 38.2% back to the 2018 low and we know when using the ONE44 Fibonacci rules and guidelines, it needs to hold above 38.2% to keep the trend intact. It can have one close below, but the next day has to be back above it and get away from the area fast. Since they went so far below 42250 and closed below it we will now watch 38.2% back to the ATH to see if this rally is truly over for the time being. The level is 43600 and they need a close above it tomorrow to keep the trend positive. Failing to get above this level should send them to retest today's low and even 61.8% back to the 2018 low at 28300. Provided they can close above 43600 the first target is 52000, this is 61.8% back to the ATH.
For the overnight use 36600 as the DSP (Dynamic swing point).
Ethereum also plunged well below their long term swing point of 2741.00 and closed below it, this was 38.2% back to the 2018 low. Today's high after the plunge hit 2900.00 this is 38.2% back to the ATH and the level they need to close above tomorrow to keep the trend positive. The break from this area can send it back to retest today's low and possibly 1725.00, this 61.8% to the 2018 low.
For the overnight use 2565.00 as the DSP
You can use all of the Gann squares marked on each chart, with yellow horizontal lines for support and resistance.
You can get all the rules and guidelines to the Fibonacci retracements on our website
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