2 min read

Coinbase And Fibonacci Retracements, Is This The Top?

Coinbase And Fibonacci Retracements, Is This The Top?
Photo by Uriel SC / Unsplash

Coinbase Global Inc.


The chart is KEY to this analysis.

Even though at ONE44 Analytics we cover Grains and Livestock on a weekly basis we like to show how the Fibonacci retracements work in other markets.

As we believe the Fibonacci retracements are the underlying structure of ALL markets!

The short of it,

The long term swing point is 185.00

Above it, look for 280.00

Below it, the short term target is 129.00

The long term target is 66.00

And here's why

Going back to the high in August of 2022 the market was stopped by a 23.6% retracement going back to the ATH at 115.75. This is usually indicative of a very weak market and new lows should follow. It made a slightly lower low in December of 2022 and the rally from it hit 61.8% back to the August 2022 high at 83.50. Following the ONE44 61.8% rule, we were looking for a 61.8% retracement the other way and this happened in May of 2023.

The rally from there took it to the new 23.6% retracement after making the new low in December 2022 at 110.10. We were looking for it to make a new low, however it held 61.8% at 69.95, this is also a major Gann square. This is why we watch all the retracements regardless of the longer term target.

The strong rally took it right to 38.2% back to the ATH at 185.00 and this is where we are now. Use this as the short and long term swing point.Above it, the next retracement is 61.8% back to the ATH at 280.00. There are 3 major Gann squares to watch for resistance at 206.18, 234.16 and 269.75. The short term target below is 38.2% back to the December 2022 low at 129.00. The long term target on a setback from a 38.2% retracement (185.00) can send it to new lows, however on a extended move lower, look for 78.6% at 66.00.

We have done 35 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines.


If you like this type of analysis and trade the Grain futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.

FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.