The SEC approved 11 spot bitcoin ETF’s on Wednesday which began trading on Thursday. BTC responded on Thursday by forming a bearish reversal, possibly selling the news.

BTC has been volatile over the past 2 weeks causing the status of the daily cycle to not be clear. And the volatility continued on Thursday.  Thursday’s bearish reversal calls into question if day 23 was an early DCL. The bearish divergence on the oscillators suggests that Thursday was day 30 for the daily cycle. If so, then a close below the 10 day MA will signal the daily cycle decline. While the status of the daily cycle is not clear, what is clear is that BTC is is currently in a daily uptrend.  BTC will remain in its daily uptrend unless it closes below the lower daily cycle band.