Bitcoin, Resting on a Long Term Fibonacci Retracement

Bitcoin, Resting on a Long Term Fibonacci Retracement

The chart is key to this analysis.

(BTCUSDT) (BTCUSD) 

There are two methods we use at ONE44 to find support and resistance in the markets.

The first are major Gann squares, these are the yellow horizontal lines on the chart.

The second is Fibonacci retracements.

This is our latest Video on how to use the Fibonacci retracements with the ONE44 rules and guidelines. NEW VIDEO

In the update below we have the swing point and what to look for above and below based on the two methods of analysis.

Bitcoin

From last week,

After holding a 38.2% level (106,350) level of a bigger range, only getting up to 38.2% of the smaller range is not a good sign at 112,250 and this will again be the key level for the week. 
 

Use 112,250 as the swing point for the week again.

 Below it, the short term target is 23.6% back to the 2022 low at 99,750. The long term target...

The break from 38.2% at 112,250 took it down to the short term target of 99,750. This is 23.6% back to the 2022 low and is a key long term level and level for the week.
 

Use 99,750 as the swing point for the week.

Above it, following the ONE44 23.6% rule we know extremely strong markets only retrace 23.6% and that a sharp rally to a new high can follow. We will however watch all the retracements on any rally to see just how strong, or weak the market is regardless of the longer term target. The short term target area is the 108,840 major Gann square and 38.2% back to the ATH at 109,300, if this is all it can rally after hitting a key long term level below it is a very negative sign and a new low can quickly follow. The longer term target is 78.6% of the same move at 120,400.

Below it, the long term target is also the long term swing point at 83.812, this is 38.2% back to the 2022 low and a major Gann square. Before then there are two major Gann squares to look for support and then use as the swing point when it closes below it at 95,946 and 89,772.

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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.

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