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, that we believe are the underlying structure of all markets and Gann squares.
For the ONE44 Fibonacci rules and guidelines to help with this article, go here.
Charts are courtesy of Barchart.com
Bitcoins rally hit the 200 day average, but fell short of 38.2% back to the ATH, this is 46,750 and our long term swing point. A break from this area can take it to new lows and the long term target of 61.8% at 28,000. On this setback you can watch 38.2% at 41,075, if this is all it can break it would be a very positive sign. Above 46,760 the long term trend turns positive again and you can look for 61.8% at 55,180.
The rally in Ethereum did hit 38.2% back to the ATH and even had one close above it, however the next day was right back below it. Ethereum also hit the 200 day average at 3260.00. The current setback is at 38.2% of the rally so far at 2860.00. Like Bitcoin, if this is all it can break from the long term swing point it would be a positive sign and the potential on a break from the long term swing point is new lows and then 61.8% at 1850.00. Above the long term swing point look for 78.6% at 4275.00.
The recent rally hit 23.6% (144.00) back to the 11/10/21 high and you can look for new lows from it and then 78.6% at 88.00. The long term trend will not turn positive until it takes out 217.00, this is 38.2% back to the ATH. One other area to look for resistance on a move above 144.00 is a combination of retracements at 171.00, this is also the 200 day average.
The high of the current rally hit 38.2% back to the 9/7/21 high at 89.00, this is also the long term swing point. Below it, look for new lows and then 78.6% at 47.00, above it they go for 61.8% at 1.10 to start.
The high on 2/7/22 held below 23.6% back to the ATH, this was 123.00, it was also a major Gann square. Below it, look for new lows and then 78.6% at 55.00. The long term trend will not turn positive until it takes out 150.00, this is 38.2% back to the ATH and our long term swing point.
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