Cycle Trading

We discussed last Thursday that Bitcoin was poised to deliver a buy signal.

Prior to last Thursday, Bitcoin had been in a daily uptrend that was characterized by lows forming above the lower daily cycle band and highs forming above the upper daily cycle band. So if a swing low formed above the lower daily cycle band then Bitcoin would remain in its daily uptrend and trigger a cycle band buy signal, which happened last Friday.

Now, Bitcoin delivered a second buy signal on Thursday.

Bitcoin closed above the upper daily cycle band on Thursday. Closing above the upper daily cycle band resumes the daily uptrend and triggers a second cycle buy signal signal.