Ethereum/Bitcoin short term update
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.
Bitcoin short term
In our last update on last Thursday (6/10/21) Bitcoin had just hit 61.8% at 38,200 (D), or target based on the ONE44 61.8% rule, is to look for 61.8% the other way. This would have been 34,000, however, as we always say you have to watch all the retracements and when they hold one you have to apply the rules and guidelines to it.
The break from 38,200 held just above 38.2% (1) the rally from it failed to make a new high (2) telling us the current rally is over and to once again look for 61.8% at 34,000. The rally on the break from (2) went up to 38.2% (3). The break from there failed to make a new low (4), telling us the break was over. We are now looking for 78.6% (5) with this rally. If this level is taken out you will have to go to the long term view for the next target.
The swing point with the 39,307 high is 38.2% at 36,200, any break that only gets down to 23.6% at 37,500 is very positive.
Ethereum short term
The weekend rally has taken it up to 38.2% back to the June 3rd high, this is 2500.00 and the swing point for now. Below it, look for new lows, they already reacted to 61.8% on May 29th, so 78.6% is possible at 2000.00. Above 2500.00 look for the long term swing point at 2750.00, this is also 78.6% back to the June 3rd high.