Ethereum/Bitcoin for the weekend
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
The rally from our long term swing point at 1306.00 continues, this area was 38.2% back to the 2018 low and a major Gann square. The long term target is 2291.00, this is a cluster of major Gann squares.
We know that the 38.2% rule says they should go for new highs for the move after holding it, but as always we watch all the retracements on every move. They are approaching 78.6% of that low and the all-time high, this is 1887.00. Following the ONE44 rules and guidelines we also know that a lot of failures to make new highs happen at 78.6%. The 78.6% rule says a break from this area should send you 78.6% of where it just came from and this would be 1420.00.
The area to watch for a failure to make a new high can come from 78.6% and the 1930.00 major Gann square and with a solid close above the 1930.00 major Gann square look for the long term target of 2291.00, with one other major Gann square to look for resistance at 2105.00.
For the weekend
Any break from 78.6% (1887.00) that only retraces 38.2% of the move up at 1663.00, look for a new ATH and then the 2291.00 long term target.
In between the major levels you can use the Ethereum hourly chart with the W.D. Gann Law of vibration support and resistance.
Each level can be used as support and then resistance once taken out and the reverse when starting as resistance. These levels will be good until the end of each contract.
For the weekend
The rally from 45400 has sent them up to test the all-time highs again, this level was 23.6% back to the 2018 low. They did trade below it, but never closed below. The last time up at the 57700 major Gann square on 2/22/21 it sent the market down to 45400. You can now use 57700 as the short term swing point, on a break from here look for the area of the 52900 major Gann square and 52500, this is 38.2% back to the 2/22/21 low. Above 57700 look for the long term target of 65000, there is one other major Gann square at 62470 to look for resistance.
In between the major levels you can use the Bitcoin hourly chart with the W.D. Gann Law of vibration support and resistance.
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This is our latest video in an ongoing series of how to use the Fibonacci retracements. Even if you do not trade the market covered the rules and guidelines are the same, as we believe the Fibonacci retracements are the underlying structure of all markets.