Quick heads up to the Golden Fib at 52,838 (coinbase). All three panes have the same levels, the "Genesis Fib". Every level of this series has been a major contention.
Break and Retest of this Golden fib opens new Highs. Ping and Reject of this level could mark secondary top. Touch and Orbit of this high gravity fib is the most likely.
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I do not use "Fibs" in the "traditional" manner (retracements). I use Fibs to plot "Ripples" (extensions) created by "Impulses". Then look for "Confluences" to map the "interference Pattern".
My TV collection of ideas detailing the Concepts: Chapter 1: Chapter 2: Chapter 3: Chapter 4: Chapter 5: Chapter 6: Chapter 7:
Zoomed IN with local fib added Blue striped fib of local bounce today, thick lines the Genesis levels.
That local 5.236 reinforcing the Golden fib makes it even more tough now. Also, 5.236 is the second most common wave end point, 4.236 the most common. Very possibly at the end of this bounce wave, and RIGHT AT the key Genesis level.
Back to our "High Gravity" fib (lower right chart is 30 second tf!)
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Zoom IN (13 min) Attempted to leave orbit, but Escape Velocity not acquired. So we return to "earth" and orbit may continue on underside.
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Zoom WAY in (30 sec) 52,838 is now etched into all brains/algos/indi's. Believers were watching this for entire last year. The Blind have tripped on it enough to make notes.
@LotusTrading20, by "Genesis" i mean the "birth", or the first Impulse Wave that sets the pace of growth for life.
TobesVibration
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Hia Euromotif, nice work as always, what do you mean by "Believers were watching this for entire last year. "? We see it dipped under 52.838 but going back up, was it a bad sign to cross under this line? Feeling bearish on BTC at the moment, to me feels like things could get worse for a bit?
EuroMotif
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@TobesVibration, Hi, thanks for feedback and question.
by "watching this for entire last year", I mean as we passed each of the previous "Golden" levels (1.618x multiples), we look for the next Golden level as a target.
Falling back below is a worrisome sign for sure, unless it can be reclaimed quickly, and then confirmed as support.
Once is has been made clear that it will be strong support, we have good chance of continuation higher.
Similarly, if it becomes confirmed as resistance, then we have a high risk of falling much lower.
LotusTrading20
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What you think of this version for ETH?
EuroMotif
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@LotusTrading20, that looks good!
On such a series, I want to see precise recognition of the 2.618 and 4.236 which it seems to have done.
The more precise those reactions are at those levels, the more confidence we can have in the higher multiples.
It is a bit difficult to see how you chose the fib 1.0 level, probably from a much smaller timeframe?
I look to start with the smallest tf candles possible, to spot the original Impulse.
And sometimes, the Impulse that counts will not be the extreme, but often as secondary impulse that sets off the ripples.
But all in all it looks good, and certainly exemplifies the concept of a "rhythm" and one that is "parabolic" .
LotusTrading20
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@EuroMotif, i chose it from two conditions, one that it would have a last cycle's top near the 75.998, as you show for bitcoin... then beacuse the week after the one I choose has a tale... which means came back below and then went up... all the other weeks are quite more impulsive without hesiation... I migh do another and pick the weekly close instead of the weekly high, though that might not change things too much... by the way thank you for your answer!