After bird's view, a closer look: 2D chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well, hello again, fellows!

Together with Monthly and Weekly time-frames study, just published, I've prepared also this 2D view, mainly because it presents some key events, which I think are good to point out to. Lets see:

  • First one is, clearly, the combined fib retracement levels: 0.786 (from 10.5-6.5k wave) and 0.5 retrc. (from 13.8-6.5k). This was a hard resistance last time we were here, but chances are better now, as we have some good targets to fulfil above. Still, need to close above again.
  • Bad luck we have that TD setup resistance line so close, @ 9640. If we hit it on a 2D TD 5, you can bet on pullback.
  • Still, uptrend line is below us, so while it's there, things should be ok to continue uptrend. Maybe we need to touch it to get a boost. Losing it is a bad sign.
  • If we manage to break higher, more resistance points at TD risk line, 0.786 projection level from Wave 3 (6.8-9.1k), another mid-range phi-based level, 0.618 retracement lvl from 13.8k, and, finally, textbook Wave 5 projection target: 100% of Wave 3, @~10.5k. That also would be the apex of the rising wedge we seem to be in.

Will bulls manage to conquer this all? If Weekly and, specially, monthly traders get interested ( pls see previous idea)published, probably yes.

Then what?
Well, then correction, most likely. A healthy one, though. We'd have completed a textbook 5 leg on the Daily/2D. Then, retracing 0.382 to 0.618 would do no harm (to the trend, at least ;)). It would keep us with a higher low, and looking for the much waited break of the larger downtrend line from 20k.

This will be such a great moment for us all, indeed.
Hope it doesn't take too long.


Feb 05
Comment: Hi there, folks!

So, TD trend resistance line held us back as expected, but uptrend line set it straight again. As of now, road to Wave 5 target continues: 10-10.5k.

Let's keep in touch.


Feb 09
Comment: Updated: 2 targets hit. Still, a relevant resist before 10.5k.
Getting close.

Feb 11
Comment: Almost there... One more target hit.

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