Bitcoin: Rejected HighBy referring historic price dynamics, I'll attempt to explain future possible swings and their limits structurally.
But first it would be nice to drop a few words on recent history.
As you remember price has broken below the triangle which caused the selloff establishing a bottom. The new Lower Low's can be referred through line that starts from triangle's low point. That line happens to be parallel to triangle's top side. Also we can see that recent uptrend locally stopped at line that covers lowest points of the triangle pattern.
The fact that a particular angle explains a considerable number of support and resistance points, justifies the use of fibonacci channel as one of the elements for future price anticipation.
The interconnected structure that you see in interactive chart factors in the coordinates newly established LL, the rejected LH and support levels of the broken triangle.
