Cycle trading: Bitcoin buy signal

LikesMoney Independent Analyst

GBTC closed above the 50 day MA and the upper daily cycle band on Monday. Closing above the upper daily cycle band signals an end to the daily downtrend and the start of a new daily uptrend.

GBTC then drifted sideways for the next two days and lost the 50 day MA. On Thursday GBTC rallied and closed back above the 50 day MA and the upper daily cycle band. Since GBTC is in a daily uptrend, if it forms a swing low here that will indicate a continuation of its daily uptrend and trigger a cycle band buy signal. A break above 12.49 forms a swing low.

Author

LikesMoney

Independent Analyst

Assets (such as stocks, gold, and the dollar) have identifiable cycles.

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