ONE44 Analytics where the analysis is concise and to the point
The setback from our long term target of 1760.00 lasted only one day, however it did break $260, right into 38.2% back to the 1/22/21 low. As mentioned in our previous update, "a solid close above 1760.00 would make it our swing point". That solid close came on Friday and as long as it continues to close above it the new long term target is 2290.00, this is a major Gann square. There are two other major Gann squares to watch for resistance at 1931.00 and 2105.00. You can use the Hourly chart below for short term support and resistance, these are secondary Gann squares and are marked by the yellow horizontal lines on the chart.
The major support levels have moved up with the new highs. With a solid close back below 1760.00 look for the next major Gann square at 1602.00 and then 1455.00, this is 23.6% back to the 2018 low and a major Gann square. The long term swing point is now 1192.00, this is 38.2% back to the 2018 low and the level that must hold to keep the long term uptrend intact based on the ONE44 Fibonacci rules and guidelines.
You can find our latest Bitcoin update here.
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.
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In our last video we updated the view on AMD (link below), there has already been a 10% move up in 9 trading days from the actionable information in it.
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.