Bitcoin Update 02/09/2018 Back in the Triangle Baby

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Hey guys, back after a few days well spent enjoying my beautiful baby girl. :) Sometimes when the market is crazy, it's best to just uninstall Blockfolio, quit looking at the charts, remind yourself why you believed in Bitcoin when the price was going up, and spend time with those who you love. Although most of us need fiat in our current situations, we should not obsess over our wealth. The dollar value of Bitcoin can be important, but when it begins to affect your emotional well-being, it is NECESSARY and HEALTHY to step back and re-evaluate yourself. Bitcoin is the future of secure money, it's a long-term investment, not only in your personal finance but for the betterment of the world. Long-term thinking people, don't let your hands get nervous.

That being said, the last few days have been very nice indeed. After dropping to a stomach-plummeting low of right around $6,000 (you'll notice I called the dip perfectly, just saying https://steemit.com/bitcoin/@jaywisefree/bitcoin-evening-update-02-05-2018-bear-trap) the price of Bitcoin rose to it's current trading price of $8,936. Today's low was 8610, with a high of 9028. So good to see trading back above that $9,000 level. Let's look at the weekly chart first.

Unfortunately, the weekly chart is still bearish. I know, I know, bring on the hate mail and the claims of FUD, but I'm just calling them hows I sees them. We're still trading below the high of the previous day's candle, and we haven't reached the middle point yet of the candle. On the time indicator, we're only at a red five. That means we could potentially see four more weeks of downside. Now that doesn't mean that we WILL. I do see many signs that the bottom is in, from a fundamental perspective. Lots of positive news about BTC, the SEC/CFTC hearing with the Senate made Twitter light up like a Christmas Tree, but from a TA perspective the potential that we could go lower is possible. However, as soon as we reach the mid-point of last week's candle, my outlooks change. I think that looks likely.

The daily chart looks better. We've started a green 3 on the time indicator, after a beautiful reversal off that red 9 candle, the same daily candle that dipped down the low of 6k that I called on the 5th, a day before it happened. I told you guys that's where I was going long at, and it's proved to be a very profitable trade. We potentially have six more days of up-side before a correction, and if we see that six days breaching the upper limit of the falling wedge , then we are in for a treat.

Looking forward to the future, if the bottom is in using a Fibonacci Retracement tool we get the following zones of potential price targets. The first zone is between, 10300 and 11700. The second zone being 13500 and 15500.

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