Cycle Trading

Bitcoin is in the process of forming a bullish reversal on Tuesday.

Bitcoin broke below the day 46 low on Monday. Since the rally out of the day 46 low did not manage to turn the 10 day MA higher, breaking below the day 46 low extended to daily cycle decline. Bitcoin went on to print a lower low on Tuesday, day 57, which places bitcoin very deep and its timing band for a daily cycle low. There are bullish divergences developing on the oscillators. And bitcoin is in the process of forming a bullish reversal, which will ease the parameters performing a swing low. If bitcoin forms a swing low and closes above the converging 200 day MA and 10 day MA then we will label day 57 as the daily cycle low.