Yesterday morning (Labor Day) I wrote the for-BTCUSD:
You would expect a pullback after a nice gain, but wait for a sell Fractal. Why?
Here are the positives:
1. Currently multiple buy Fractals (highlighted in green box).
2. The lower indicators under the chart are CHOP/ Chop Zone; readings below the shaded area (38.2) indicate a strong trend. The solid green indicates up.
3. The top lower indicator is phase energy, and this is positive. (Tuesday update: Latest green bar indicates strength).
4. The alligator is feeding in the uptrend.
5. RSI / Stochastic (top indicator) is strong, but correcting. (Tuesday update: It did roll over, but so far the price remains bullish .
6. Prices are trading above the Ichimoku Cloud .
7. Prices are trading above the thick red Ichimoku Cloud conversion line. This is a support level.
8. Prices are trading above the Ki jun-Sen baseline of the Ichimoku Cloud and this has been HEADING HIGHER.
9. The 5/34 Momentum indicator (top middle) is strong.
10. The moving average trend line is rising. (end of re-cap).
The point I was trying to make yesterday is that RSI would roll-over and fall, but prices would not follow. Why?
I did not see a sell fractal, so, in my opinion yesterday, the trend was up.
In my opinion today (Tuesday 09-06-16), BTCUSD-is still in an uptrend. Stay long until you see a sell Fractal and change in alligator direction.
Good luck to you. Don.
You would expect a pullback after a nice gain, but wait for a sell Fractal. Why?
Here are the positives:
1. Currently multiple buy Fractals (highlighted in green box).
2. The lower indicators under the chart are CHOP/ Chop Zone; readings below the shaded area (38.2) indicate a strong trend. The solid green indicates up.
3. The top lower indicator is phase energy, and this is positive. (Tuesday update: Latest green bar indicates strength).
4. The alligator is feeding in the uptrend.
5. RSI / Stochastic (top indicator) is strong, but correcting. (Tuesday update: It did roll over, but so far the price remains bullish .
6. Prices are trading above the Ichimoku Cloud .
7. Prices are trading above the thick red Ichimoku Cloud conversion line. This is a support level.
8. Prices are trading above the Ki jun-Sen baseline of the Ichimoku Cloud and this has been HEADING HIGHER.
9. The 5/34 Momentum indicator (top middle) is strong.
10. The moving average trend line is rising. (end of re-cap).
The point I was trying to make yesterday is that RSI would roll-over and fall, but prices would not follow. Why?
I did not see a sell fractal, so, in my opinion yesterday, the trend was up.
In my opinion today (Tuesday 09-06-16), BTCUSD-is still in an uptrend. Stay long until you see a sell Fractal and change in alligator direction.
Good luck to you. Don.
