Crypto short term view
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.
You can get all the rules and guidelines to the Fibonacci retracements on our website.
This is an ongoing series of updates for Bitcoin posted on Barchart.com and the ONE44 Analytics website on how to use the Fibonacci retracements.
In the last post on 6/27/21 it had just held 38.2% at 36,400 and we were looking for new highs for the move. New highs did follow and for two days they traded sideways. The low on the 30th could not even get down to 23.6% of the move at 38,200, the low was 38,399. This showed just how strong this rally is, however it is now right up into the long term swing point at 42,800. For what to look for from the long term swing point you can go here.
As for what keeps the current uptrend intact, we will watch 38.2% of the rally at 37,500, as long as it remains above here the trend is positive. Just beware of what a break from the long term swing point can do. Only breaking down to 23.6% at 39,500 would be extremely positive.
Ethereum also held 38.2% of the move on the 26th and new highs followed. The setback after making the new high came back to test 23.6% back to the ATH, this was 2340.00 on the 30th, before going onto new highs again. They are also approaching 38.2% (2750.00) back to the ATH. The high so far is 2695.00 and here too, a break from this area can send them back to test the lows.
On any setback from the 2750.00 area we will watch 38.2% of the move up at 2325.00, holding this area keeps the current uptrend intact and we would look for new highs to follow. Only being able to setback 23.6% at 2465.00, keeps the uptrend extremely positive.