Bitcoin printed its lowest point on Sunday, day 38, placing BTC inside its timing band for a daily cycle low (DCL). BTC then formed a swing low on Tuesday, initially suggesting day 38 could mark the DCL.
However, BTC ran into resistance at the 50 day moving average on Wednesday and was rejected, forming a swing high on Thursday. Price then broke below the day 38 low, extending the daily cycle decline.
BTC also broke below the previous DCL on Thursday. A break below the prior DCL confirms a failed daily cycle and extends the intermediate cycle decline.
Bitcoin is currently in a daily downtrend. Forming a swing high below the upper daily cycle band signals a continuation of that downtrend and confirms a cycle band sell signal.
Takeaway
- Bitcoin failed to confirm a daily cycle low and instead triggered a failed daily cycle.
- Rejection at the 50 day moving average keeps downside pressure intact.
- The break below the prior DCL extends the intermediate cycle decline.
Cycle Trading 
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