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.
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.