Bitcoin formed a swing low on Thursday. Bitcoin will still need to close above the 10 day MA to signal the new daily cycle. So once again we will look at the weekly chart —- beginning with Monday’s chart.
On Monday we discussed how Bitcoin was down as much as 20 % over the weekend. 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. We noted on Monday that Bitcoin was in the process of bouncing off a previous resistance level, along with the rising 50 week MA.
And Bitcoin continued higher this week and is in the process of forming a weekly bullish hammer. 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.
Cycle Trading 
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