On Thursday we discussed how Bitcoin broke below the day 34 low. Breaking below the day 34 low forms a failed daily cycle on day 10 — indicating that Bitcoin could trend lower for another 3 to 5 weeks before forming its DCL/ICL.
However we also discussed the possibility that this was a bear trap and we will need to watch RSI 05 -> -> -> -> fast forward to Friday Morning.
Bitcoin is in the process of forming a bullish reversal on RSI 05. This is the first step needed to indicate that Bitcoin extended its daily cycle decline making Thursday day 44. Now we are watching for a swing low and a close above the 10 day MA to label day 44 as the DCL.
Cycle Trading 
Leave a comment