The ONE44 target remains at 11030

We continue to look for 11,030 in Bitcoin on the rally from 7200 based on the 61.8% rule, this was outlined in a post on 1/14/2020. The current rally from the 12/18/2019 low fell just short of 38.2% back to the 6/26/2019 high on 1/20/2020 (1), normally we would look for new lows on a failure to get back above 38.2% (9260), but as always you have to watch the retracements on the break. The setback could only go 38.2% (2) back of that move at 8225. The rally from there took it up to the 10,440 major Gann square and the setback so far went one major Gann square back at 9425. In this same area is 23.6% of the move at 9525, staying above this area keeps the market very positive, but the view that they should go up to 11,030 (61.8%) would change only if they take out 38.2% of the move at 8950 per the 38.2% rule, also right there is the 200 day moving average at 9090, this makes 8950 our long term swing point. Above it continue to look for 11,030 and with a couple solid closes below it they go for 7200 again.

The yellow horizontal lines are major Gann square.

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