seanalannixon

Weekly chart with Wave Trends and ADX over 80% correct!

BITFINEX:BTCUSD   Bitcoin
This is a picture of the long term picture. Every single time the ADX cross down of the DI+ We have a pull back. While I do not have the RSI turned on the only hope that we have is the RSI on the weekly charts is still turning up and the Stoch is trying to push back up. Seems to me that everyone uses these in charting and I wanted to use something different for this chart. The last time we had a big rally above the moving avg ribbon we had a pull back to the "green" or bottom of the ribbon. The wave trend I don't use this unless I am on the weekly chart because it is often useful and full of static. Although, on the weekly it proves itself over and over again. As you can see we do not see a bearish cross here. Bitcoin bulls are still fighting. Until I see a bearish cross on the trend we could see one more leg up. If there is a pull back this would put us about 6500 - 6200. If we see a leg up my targets are 10k-12k, 16.5-20K, then a moon shot to 40-50K.
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