2 min read

Ethereum target hit, Bitcoin 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.

Bitcoin

All of these levels remain valid, this is from 5/2/2021,


The break from the ATH had one close below 23.6% back to the 2018 low, this was 50800, it traded all the way down to the 47850 major Gann square, before closing back above 50800. The rally from there has taken them up to 57700, this is both a major Gann square and 61.8% back to the ATH. Use this as the swing point for now, below it look for 50800 again and with a solid close below this look for the long term swing point of 42250, this is 38.2% back to the 2018 low. Above 57700 look for the 62470 major Gann square and then the long term target of 67700.

As you can see on the updated chart below, the last three trading days have held below the 57700 swing point mentioned above.

Ethereum

In the 5/2/21 update we posted...

“Ethereum has hit the 2940.00 long term target. It will take a solid close above it to turn it into the swing point, if so, look for the next long term target of 3600.00."

It took only 4 days to hit the 3600.00 long term target after taking out the previous long term target of 2940.00.

On the upside, with a solid close above 3600.00 the next long term target will be 4410.00, before then you can look for resistance at the major Gann squares of 3792.00, 4032.00 and 4279.00. These are marked on the chart with the yellow horizontal lines.

On the downside, the first place to look for support on a break from this area is 3060.00, this is 23.6% back to the 3/1/21 low. As a reference in how important the Fibonacci retracements are to the trend, the 3/1/21 low was 38.2% back to the 2018 low. You can also see more lows that have held retracements on the chart below. On a more extreme break look for the area of 2771.00 to 2710.00, this is 23.6% back to the 2018 low, 38.2% back to the 3/1/21 low and a major Gann square.

The long term swing point has now moved up to 2255.00.