649bruno
Long

Update: BTCUSD (From Labor Day):Upside Breakout Building? Part 2

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
254 0 5
This is the second of two parts.
On the four hour chart I pointed out many positives.
On the daily chart above for-BTCUSD, here are some more positives:
1. RSI/ Stochastic (top) is strong;
2. 5/34 MACD (middle) is rising, getting stronger;
3. Phase energy (lower) has been all green bars (rising) for more than two weeks;
4. The CHOP indicator (below chart) is heading below the shaded area. This signifies a stronger TREND;
5. The CHOP ZONE (below chart) is green;
6. I have placed a down-trending channel on the chart. As the positive indicators get stronger-BTCUSD is approaching the top of the trend channel. Is a breakout likely? The conditions are certainly positive. The only thing I do not see yet (on the daily chart ) is a buy Fractal . (There are plenty of buy Fractals on the four hour chart, but not on the daily---yet).

There you have it. I make the case for a possible upside breakout.
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