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, that we believe are the underlying structure of all markets and Gann squares.
For the ONE44 Fibonacci rules and guidelines to help with this article, go here.
Charts are courtesy of Barchart.com
With Bitcoin and Ethereum hitting their long term targets, here are some other crypto's and where they stand. These all still have retracements above them to watch.
Back in June it hit 78.6% of the ATH and ATL, The long term target based on the 78.6% rule is to look for 78.6% the other way and this is 348.00, this still holds. Looking at the action since hitting 78.6% the rally from there took it to 38.2% of the ATH, this was 225.00. The 38.2% rule states that we should look for new lows to keep the current trend intact and a failure to make that new low should send it to 61.8% of the same move. This is where they are today at 294.00. A break from here based on the 61.8% rule is to look for 61.8% the other way and this is 178.00. With a close above 294.00 we will look for the 78.6% target to be completed. Watching all the retracements on any break from 294.00, it will have to hold 38.2% of the current rally at 222.00 to keep the short and long term trend positive, only getting back 23.6% at 250.00 will be extremely positive.
Ripple also hit 78.6% back in June and the long term target from there is still 78.6% at 1.66. Since then the market has been caught between the 61.8% levels on 9/7/21, 9/22/21, 10/11/21 and 10/27/21. The last few days have it above 61.8% at 1.21 and at 78.6% (1.29), a break from here can send it to 78.6% the other way at 0.95. With a close above 1.29 we will look for the 78.6% target to be completed at 1.66.
In June it hit 61.8% and the target from there was 61.8% the other way at 1.89, that break lasted a day before rocketing to a new ATH. The setback from the ATH held the long term swing point at 1.90, this was and still is 38.2% of the ATH and ATL and a rally from here should send it to a new ATH. The first rally from 38.2% (1.90) could only go 38.2% back up on 9/27/21, this is usually not a good sign to be stopped by a retracement from a smaller range and it did take it to a slightly lower low, but never closed below the long term swing point. The other part of the 38.2% rule is, failing to make a new low, or slightly lower low should send it to 61.8% the other way and this is 2.65. It is currently up against 38.2% back to the ATH, on a break from here look for new lows and with a close above it look for the 61.8% target to be completed.
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