Definition. Fibonacci retracement grid for Bitcoin, anchored on the swing low that began the current cycle advance and on the prevailing all-time high. Each line marks the price at which a given fraction of the low-to-high advance has been surrendered.

Technical. The high anchor is the running maximum of the daily high, so the grid re-anchors whenever a new all-time high prints; the low anchor is the daily low of 21 November 2022, the lowest print of the 2022 bear market. Levels are computed as the high less a fraction of the high-to-low span, for fractions of 0.0, 0.236, 0.382, 0.5, 0.618, 0.786 and 1.0, drawn on a logarithmic USD axis at daily resolution. Because the high anchor uses only information available at each bar, the levels step upward through a bull market rather than running flat, and settle into horizontal lines once the all-time high stops advancing. The grid is clipped to begin at the low anchor, since the levels carry no meaning before the swing they measure.

Interpretation. Price holding above a level indicates that less than the corresponding fraction of the advance has been retraced. The 0.382 to 0.618 band is conventionally treated as the zone in which an intact uptrend finds support, and a sustained close below the 0.786 level indicates that most of the advance has been retraced and that the swing low itself is in play. The levels are reference geometry rather than a behavioural signal and carry no on-chain cost-basis meaning; where a level coincides with a realized-price cohort, the two references merely overlap.

Notes. See Short-Term Holder Cost Basis Model for an on-chain support reference.