Cycle Trading

The longer term chart shows a multi-year consolidation.

Bitcoin was unsuccessful on 2 attempts to break bullishly out of consolidation. What is clear is that no bullish trending move will be sustained unless Bitcoin can close back above the upper stem to the consolidation.

Bitcoin closed back below the upper stem to consolidation on Monday, turning the 10 day MA lower to signal the daily cycle decline. Bitcoin is in the process of breaking below the 50 day MA. A close below the lower daily cycle band will end its daily uptrend and begin a daily downtrend. A close below the lower daily cycle band will also signal the intermediate cycle decline. A break below the previous DCL of 111925.95 will form a lower low to confirm a failed daily cycle.