Cycle Trading

Bitcoin got smashed over the weekend.

Bitcoin was down as much as 20 % over the weekend as it broke below the week 23 low over to extend its intermediate cycle decline. This is week 29, placing it in its timing band for an intermediate cycle low. Since Bitcoin has made a lower this week, the earliest it can form a weekly swing low will be next week. Bitcoin currently in a weekly uptrend is in the process of bouncing off a previous resistance level, along with the rising 50 week MA. If Bitcoin can form a swing low above the lower weekly cycle band and close back above the 10 week MA, that will indicate a continuation of its weekly uptrend and signal a weekly cycle band buy signal.