After sitting on the long term swing point of 28,250 for over two weeks it has now moved up to the 32,441 major Gann square. As we have said in our previous posts, 28,250 was our long term target since the beginning of the year. This level is 61.8% of the ATH and the 2018 low. In our last update we mentioned,
If the turn higher from here is real, it should start to hold 38.2% on any setbacks. They have not had a big enough move up to start that yet.
it might be a little early, however you can now retrace back to the low on 5/12/22 and watch 38.2% back, this is currently 29,890. Holding this level should send it up to the first target we gave last week at 36,000 to 36,300, one is 23.6% back to the ATH and the second is a major Gann square.
Ethereum dipped below 1900.00 made a slightly lower low and quickly got back above it, like Bitcoin this was also 61.8% of the ATH and the 2018 low. The first upside target is still the same,
The first test on a rally from here will be the combination of retracements between 2430.00 and 2475.00, the first is 38.2% back to the 4/4/22 high and the second is 23.6% back to the ATH.
It is too soon to start to retrace back to the low, once it can get a solid close above the 2093.00 major Gann square you can.
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