Shown here is the same fib series in three different timeframes. Left chart shows the "Genesis" (birth) and the growth rings since. Right side charts show the same fibs but in smaller timeframes.
We are currently approaching a key fib ratio at 45,163.58 (on coinbase). This is a "semi-major" ratio (dark blue) with minors just above and below. The "Majors" are the Gold fibs (1.618 multiples) last one was 32.8k bottom.
My last plot gave a key resistance we just broke, an . (click) Getting past the "Impulse Core" above showed continued bull strength. But the next Genesis fib (45.1k) could vey well end this bounce wave.
The has called all the major turns since 2015. It helped us call the (must see this). Then it helped us spot the
Sure, it has given false hope as well. After the top we hoped . looked to have a shot.
So the point is: The turn WILL happen at "a" fib, the question is "which" fib? But we get "exact" levels of interest for entries, stop losses, tp's. So we know quickly whether we are wrong or spectacularly right.
Thus we PREPARE to execute an "if-then" decision at each fib. Simply set an ALERT to let us know when price approaches one. The we look for a PING (exact ricochet) for a possible reversal.
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Comment
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That was quick!
So here we are This is a "high gravity" fib. So we got pulled hard as we got closer. Overshot a bit due to the high velocity.
I expect we will "orbit" this for a while. Perhaps until NY markets open in 8 hours. But time to be VERY ALERT here.
cuz da fib boss, duh! Like an insect probing with its antenna, to taste that it knows is there but cant see. And once ascertained, a decision can be made.
And that is how fibs get MORE accurate with time. The ENTIRE world has seen the above reactions. All humans/algos/indi's have etched this line in stone now.
Significant pullback as expected (as seen in bottom right)
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Adding a fib to the pullback in blue stripe: The 4.236 at 43,577 may have ended the pullback wave. Next level of interest is the 5.236, another common wave ender. Then we have the Genesis fib at 42,789 as the strongest support.
Bulls need to hold well ABOVE the Genesis fib. Ideally the pullback wave has been terminated already.
Fell to the next fib below Looking for a bounce here, at least a "dead cat". Hopefully we can go back up into orbit of 45.163, but coming down this far is not a good sign for bulls :(
Zoom in (3 min) for a closer look PERFECT fibnastics routine that was!
Adding a Blue Striped Fib of the bounce: Fibnastic Perfection even under the microscope. But ALAS this particular wave might be DONE. Possibly ONE MORE leg to the 5.236 at 44,556.
Converting our "linear" Blue Stripe fib to "golden" sequence: (I will explain why elsewhere). First we have a support of interest, the 2.618, ALWAYS a contender. If wave is NOT done, we have 3 targets with 45,163 being the BOSS fib.
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SUMMARY: - Perfect execution of game plan. - Bounce looks good thus far. - Looking to hold 43,646
So much for our gorgeous bounce? Maybe not: We did get some support at the 1.236, almost a "last stand". Lets see how far this bounce gets, that was a substantial drop.
Not looking as good as it did earlier, that's for sure :(
Following up from the last snapshot above, and our 3 TARGETS in red: First 2 targets hit and then some. Of note, the local highs were NOT at fibs. So that requires further scrutiny below.
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So lets take a closer look at our second bounce off the 1.236 Looks like there was a new impulse of the 1.236. So I placed a new fib (golden) over the original blue stripe.
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Now REMOVE the blue stripe and looking at the new fib only: Plenty of pings to confirm this fib series. But alas, another wave ENDED perhaps.
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Zoom OUT (5 min) and include all fibs in this area: Gives a new map of support and resistance. 3 hurdles above, starting with 44,355 where we are. Key support below is 43.4k or a hair below, to hold.
Bulls need to hold 43.4k until the next wave of bulls appear, perhaps NY open?
I think it is headed lower and this rally will be short lived. It is suggested by thin volumes, price retracing to 50-day SMA, and bearish weekly and monthly time frames. Lets see what will happen. Thanks for sharing and here is my take if you would be interested:
TehranCrypto
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Thank you for sharing.
Juan-Pierre
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IH&S on daily tf gon rip it to 52K?
ygarringer
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Spot on
Memetocene
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As per this:
"The turn WILL happen at "a" fib, the question is "which" fib? But we get "exact" levels of interest for entries, stop losses, tp's. So we know quickly whether we are wrong or spectacularly right.
Thus we PREPARE to execute an "if-then" decision at each fib. Simply set an ALERT to let us know when price approaches one. The we look for a PING (exact ricochet) for a possible reversal."
I'm looking for keen eyed spotting of reversal. Last night PA was within 50.00 pips of a 11.089 on the Impulse up on Feb 06 at 23:00 UTC i.e. 4pm Mountain.
The question: how close must a ping be?
PA had crossed the 45163.68 up and pinged near the 11.089 of that (((((bracketed))))) impulse up that I had spied.
Another question: what do you see as the most common wave enders?
And, as always, I am grateful for your shared Fibonacci download. Mx
azda71
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Nice chart, certainly helps noobs like me :-)
Crypto_world_011
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Based on this I think 42,789 is about to break, but I don't know what to think anymore :))
Crypto_world_011
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And when you say "ideally the pullback wave has been terminated already you think 42,789 is the bottom for BTC? If price stabilizes around 42789 in your opinion what the next target would be? 52838 or 32741?
Crypto_world_011
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Impressive technique and analysis. Thanks for sharing! If the genesis fib is lost the next major fib (don't know if using these terms correctly) would be around 41500, correct?