where did the 61.8% retractment adjustment come from? I just put some similar queries into Venice AI.

Reply to this note

Please Login to reply.

Discussion

The forecast suggests the retracements would hit the key Fibonacci golden ratio. The forecast was made based on previous chart cycles following the same pattern.

I am doing this thing where when I find a term I have not heard before if its in the bitcoin context, I put it in Venice so I am educating myself on Nostr.

"The Fibonacci sequence is a series of numbers where each number is the sum of the two preceding ones, usually starting with 0 and 1. The sequence goes: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, and so on.

The Golden Ratio, often denoted by the Greek letter φ (phi), is a special number approximately equal to 1.61803398875. It is derived from the Fibonacci sequence by taking the ratio of consecutive Fibonacci numbers as they approach infinity. Specifically, as you divide a Fibonacci number by its immediate smaller Fibonacci number, the result converges to the Golden Ratio.

Mathematically, the Golden Ratio can be expressed as:

φ = (1 + √5) / 2

The Golden Ratio has many interesting mathematical properties and appears in various aspects of art, architecture, and nature. For example, the dimensions of a rectangle that are in the golden ratio are often considered aesthetically pleasing. Additionally, the Golden Ratio can be found in the branching of trees, the arrangement of leaves on a stem, the fruit sprouts of a pineapple, the flowering of artichokes, an uncurling fern, and the family tree of honeybees."

It's a very powerful number along with many sequences in bitcoin