BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
94 2 1
I've been wondering when a new 'spoke' might reveal itself on the 1D chart...perhaps this is it?
Spoke 1 appears to have been suggested by two candle bounces as shown on the price chart.
Interestingly Spoke 2 coincides with price and Spoke 1 at this point, providing overhead resistance.
Could this junction             have caused the drop over the last 24 hrs?

Spoke 1 (if it is a real one) should push us upwards, potentially providing the momentum for a wedge breakout.
(blue arrow in the chart indicates potential direction but not scale of the movement)

Added confirmation comes from the MFI bounce off of spoke 3 in the MFI chart.
This is a common MFI bottom.

Added to this is bullish divergence in the 60 chart...decreasing channel in the price chart accompanied by increasing peaks in MACD as well as MFi AND a break upwards in MFI .
As mentioned in my previous post above, I'm attaching my observations on my 60min chart.
I look forward to see how they play out...
Reply
Maddie johnrfraser
Looks great, hope you're right!
Reply
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