
Bitcoin closed above the 50 day MA and the upper daily cycle band on Monday. Closing above the upper daily cycle band ends its daily downtrend and begins a new daily uptrend. Closing above the upper daily cycle band also indicates that the ICL has been set — which is something that I plan to discuss in the Weekend Updates.

Bitcoin has rallied over 20% off its recent DCL and is currently stretched above the 10 day MA. Bitcoin will likely need to consolidate to allow the 10 day MA to catch up to price. But with Bitcoin now in a daily uptrend, any pullbacks should be met by bull-demand.
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