The price touched the line with specific angle that covers ATH and (current) Lower High.
I consider it as a point of reference because current observable price can be explained with that vector.
The line separates 2 outcomes:
Significant reversals that caused the structure to look the way it looks are:
"ATH" 4 JAN'22
13 OCT'22 Lowest (> 2 years)
27 JUL'23 Lower High
Those dates initiated longer term movements, hence defining the entanglement.
The angle of general direction can be defined by the Fibonacci Channels of macro-fractal which emerged from Covid Low:
It kinda exposes their domestic "spin to the side".
Another example:
Since the angle of -27.47% drop (ATH and Lowest >2yrs) are more perpendicular to the direction of time scale, the derived fibonacci would define periods of waves.
Matches angle of -10.93% drop from 27 JUL'23 to 0.382 fib of the domestic structure.
But, since after such drop, it didn't fall further but in reverse grew back, it must be defined with upward direction vector, the fibs of which would cover that low with cold colors. The fact of growing at higher levels after just 10% drop, deserve to get filtered with upward fibs.
In respect to 31% growth the current price resides at 0.618.
Further interconnectedness of points:
1.236 fib confirms that price is indeed at crossroad and in case of violating it, the price would set its tendency to move to next (1.382) fib line and reverse there under heavier pressure.
Currently price is still under pressure because the market has grown to levels of domestic resistance. The curve shows mathematical function that mimics highs before reversing.
Hence, it can be used to refer deviation where the price can end up after escaping ATH-LH-Current_Price vector.
Otherwise, with failing to breakout now, it might go for correction in short-term perspective as soon as players notice that market is at already saturated levels.
The line separates 2 outcomes:
- Continuation of the uptrend
- Rejection
Significant reversals that caused the structure to look the way it looks are:
"ATH" 4 JAN'22
13 OCT'22 Lowest (> 2 years)
27 JUL'23 Lower High
Those dates initiated longer term movements, hence defining the entanglement.
The angle of general direction can be defined by the Fibonacci Channels of macro-fractal which emerged from Covid Low:
It kinda exposes their domestic "spin to the side".
Another example:
Since the angle of -27.47% drop (ATH and Lowest >2yrs) are more perpendicular to the direction of time scale, the derived fibonacci would define periods of waves.
Matches angle of -10.93% drop from 27 JUL'23 to 0.382 fib of the domestic structure.
But, since after such drop, it didn't fall further but in reverse grew back, it must be defined with upward direction vector, the fibs of which would cover that low with cold colors. The fact of growing at higher levels after just 10% drop, deserve to get filtered with upward fibs.
Further interconnectedness of points:
Hence, it can be used to refer deviation where the price can end up after escaping ATH-LH-Current_Price vector.
Otherwise, with failing to breakout now, it might go for correction in short-term perspective as soon as players notice that market is at already saturated levels.
