New Bitcoin Target

Bitcoin

(BTCUSD) 

From last week,

While this market has been in a large sideways trade since the March high, it has held the long term swing point at 52,000 (38.2%) in August and then again in September. The recent setback this month held 38.2% back to the August low at 60,000 and it has now hit the long term target of 78.6% at 68,900. As you can see on the chart the 3 of the last 4 highs came at a 78.6% retracement (April, June, July) and this is where we are right now at 68,900.

Use 68,900 as the swing point for the week.

 Below it, the long term target is 78.6% the other way at 56,200 based on the ONE44 78.6% rule. The short term target is 38.2% at 62,456, this is also a major Gann square. Any setback that holds 23.6% at 65,150 is extremely positive and new highs can quickly follow.

10/26/24

The setback this week from 78.6% at 68.900 held above 23.6%  at 65,150 and provided this level holds it can quickly go on to new highs, however until it can take out 78.6% at 68,900 there is still the possibility of a bigger setback and this level remains key for next week.

Use 68,900 as the swing point for the week again.

Above it, with the amount of sideways trade the next move higher could be an explosive one. It will first have to take out the 72,907 major Gann square and ATH high at 73,662. When and if it does the long term target is 96,115, until then there are only major Gann squares above to look for resistance and then use as the swing point when closed above, the next two are 78,550 and 84,074.

Below it, the long term target is 78.6% the other way at 54,000 based on the ONE44 78.6% rule. The short term target is 38.2% at 62,456, this is also a major Gann square. The 200 day average is just below this at 61,750.00. One other area to watch for support is the 57,707 major Gann square and 61.8% back to the 8/5/24 low at 57,450.

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We have done 43 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

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