Cycle Trading

Bitcoin broke out to a new all-time high on Friday. Bitcoin has since been consolidating — until Monday.

Bitcoin is in the process of breaking bearishly out of consolidation on Monday. A close below the 10 day MA will signal the daily cycle decline. Bitcoin is currently in a daily uptrend. Bitcoin will remain in its daily uptrend unless it closes below the lower daily cycle band.

The big picture is Bitcoin continues to break bullishly out of a multi-year cup and handle pattern. Our expectation is pullbacks will be met by bull demand.