Shown above is the same Fibonacci series, in 3 different time-frames.
Assets have many Impulses in a lifetime, but only one "Genesis Pulse". Genesis as in "birth", programmed with all of the DNA it will ever have. That Impulse determines the "Sequence" of growth spurts and retraces.
Imagine it this way: - Each owner of the asset convinces on average 1.618 others to buy. - Like an undulating insect swarm, the mass decisions come in waves. - As the swarm grows, the waves' amplitudes grow by 1.618 multiples.
This simple plot has called all major turns, including the (click)
For your own copy of the Genesis fib, use this (click)
Bottom in? Fib of last wave says dip bottom may have been $3477
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Follow up to last snapshot calling for 3477 bottom: Certainly turned out to be "local" bottom and maybe "the" bottom above 3513.
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Since the above red fib was surpassed, lets put a fib on the bounce And we have our next two zones of interest: $ 3648.24 - 3655.06 immediate resistance, $ 3678.03 - 3682.75 strong resistance above.
( (( < PING > )) ) PING = Exact and violent ricochet from fib that you can almost HEAR. AND: "Not all Pings start a Reversal, but Most reversals Start with a Ping"
BTC dumped and took everything with it as usual so we lost our Golden fib at 3431 Let see if bulls can recover it right away, or we risk dropping to next fib below.
Still under our magic number 3431, but adding the "Covid Stimulus" fibs, we have: We have a more precise map of the field. $3389.89 - 3431.83 is now major resistance Expect a retest of that zone for more clues.
Zoom in (h1) All of those Pings on thsi fib have etched this level into all memories. All humans/algos/indi's have recorded these reactions for reference. So even the fib=blind are keenly aware of the importance of this level.
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Zoom in more (m1) Fib was pierced before the bounce, so bulls should be concerned.
Market crash due to Middle East conflict broke our golden fib
Zoom in (m15) The drop did notice each fib but pierced them which is not a good sign. But that is expectable during violent action, and it should resync now. So we watch 3123.65 for a hopeful PING (exact reaction) to resync.
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Zoom in more (m1) and adding a fib to last push up This little wave might be done at the 4.618, not a common wave ender whic his the 4.236, but it can act as a backstop for strong waves.
Looking above: We should be able ot hit the Genesis fib at 3123.65, which is now reinforced by the local 5.618 at 3122.40.
So lets hope we get to 3123.65 Genesis fib, and that we get a clear confirmation there.
So we should be able to continue up and test the Genesis fib at 3123.65