BTCUSD - BITCOIN - WEEKLY - ODD UPTREND

I'm taking you back to last summer and breaking down the trend on a weekly basis to see how it formed and how that trend expired in the recent weeks with the end of three separate 10-week setups. The declines ALL REACHED their downside projections and they all reached new lows within half of the time of the time of the mode. We can use that benchmark on the current advance.

The current 7 week (light yellow box) has generated a buy signal as of last week's close, but notice that technically a downtrend is still in place from the high at 309.90 on the week of January 25th. There are 5-weeks at the same level around 240 in the downtrend, but then it failed to make an entire range below 240 to trigger the entry short. The downtrend is still in place until we cross above 309.90.

So, as much as I like the fact that the downtrend from the 10-week distributions are over and that means we can go back to those 10-week modes at 360-370-380 for upside potential, the current uptrend needs to get moving here soon.

If you are long, stop is under the 7-week mode (light yellow box) - targeting 309.90 initially, then 360-370-380 within 5 more weeks.

Tim

12:00PM EST 3/13/15 290.50 last