ONE44 Analytics where the analysis is concise and to the point
The long term target of 1425.00 that was posted in our blog update on 1/5/21 has now been achieved.
The targets on a break from this level were also posted on blog on 1/19/21...
Ethereum held the long term swing point at 911.00 posted on January 5th and has now hit our long term target of 1425.00.
A break from this area could send them down to the long term swing point again, this is 38.2% back to the 3/13/20 low and a major Gann square. Any break from this area that can only get down to 1120.00 keeps the market extremely positive, this is 23.6% back to the 3/13/20 low and a major Gann square. You can also use the major Gann squares at 1306.00, 1169.00 and 1040.00 for support on any break.
As I write this the overnight low is 1043.75 and the current rally from there is at 1205.00, this is 38.2% of the break from the ATH, this is the dynamic swing point for the day (DSP).On a rally above 1205.00 look for 1354.00. Failing to get back above here is another negative sign after hitting our long term target of 1425.00. The Long term swing point is still at 911.00. This is the level that must hold to keep the long term trend positive. Based on the 38.2% rule, a failure to hold this level should send them down to 61.8%, this is 611.00.
The break down to 23.6% of the all-time high and the 2018 low at 32600, on 1/11/21 has been traded below, but never closed below. For those of you who have been following the Fibonacci rules and guidelines, you know we watch all the retracements regardless of what any targets are. Our current long term target is still 44000. We also know that a lot of moves end at 78.6% of the new move after hitting a major retracement and this happened on 1/14/21. The break from there now has it back below 32600. There are two key levels to watch right now, the first is 38.2% of the current break at 33750, provided they can get back above there look for a retest of the ATH and then the long term target of 44000. Failing to get above 33750 should send it down to the long term swing that is 38.2% of the ATH and the 2018 low, this is 27200. Above the long term trend remains positive, below it they go for 61.8% at 18000, per the 38.2% rule.
Bitcoin did the same thing that Ethereum did on the last rally to test the ATH and that was stopping at 78.6% of that move, they are also below the 23.6% level at 32900 and the key level above is 38.2% at 33800.
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This is our latest video on 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.