Bloomberg news is out with a breathless dispatch tonight that suggests digital currencies have bottomed. If so, I can find no compelling evidence of it in the charts. Their expert is a guy named Michael Novogratz, a former Goldman Sachs partner who likes the current look of Bloomberg’s Galaxy Crypto Index. It measures the performance of the largest cryptocurrencies versus the dollar and was compiled jointly in May by Bloomberg and Novogratz’s investment fund, Galaxy Investment Partners. I use the CME’s Bitcoin Index (Symbol: BRTI) myself, and it looks brain-dead to me. I would turn quite bullish if BRTI were to thrust above the 8594.57 peak labeled in the chart (see inset), but until such time as that happens, I’m inclined to think it will dip first to the 4396.32 target shown in the chart before warranting our serious attention. ________ UPDATE (Nov 16): My dour outlook is about to give way to a new, bullish reality. For my reasoning, check out the commentary on this page under the heading Ruminations: Why a Hard-Core Bitcoin Bear Is About to Turn Bullish.________ UPDATE (Nov 20, 10:15 p.m.): Sellers crushed an important Hidden Pivot support at 4396 with rather more force than we might have expected, implying they are likely to inflict further damage before this vehicle can bottom.  A rally exceeding 4892 would turn things around, but failing that, BRTI could fall all the way to 2991, or perhaps 2601, before it finds traction. The latter number is a Hidden Pivot support of unimpressive pedigree; the former, a key low recorded ten months ago as bitcoin was blasting off.