BRTI – CME Bitcoin Index (Last:12,804)

I am resuming bitcoin coverage and will treat it as nothing special, since that’s the best way to be objective when reading its charts. The one shown provided two good opportunities to get long ‘mechanically’ at 7481, so we’ll assume that its target at 10,026 will prove just as useful as a minimum upside objective. We’ll talk about buying a pullback to the red line (p=8330) if it should occur, but for now just keep in mind that ‘mechanical’ set-ups are well suited to trading vehicles that move as violently as this one. Not to get crypto fans too excited, but the weekly chart implies that 11492 will be reached and that 19850 would be in play if 11492 is exceeded decisively._______ UPDATE (Jun 24, 9:35 p.m. ET): The lunatics have taken charge, speeding this bottle rocket toward the 11492 target much more quickly than we might have expected.  Let’s see how easily they handle ‘hidden resistance’ at 11492. _______ UPDATE (Jun 25, 8:39 a.m.): A vertical rally pushed this wack-o speculative vehicle to 11467 before it topped out 0.2% (two-tenths of one percent) from my 11492 target. It’s due for a breather now. Let’s see how long it lasts. _______ UPDATE (Jun 25, 8:35 pm.): The Hidden Pivot resistance at 11,492 lasted for all of about ten hours. This comes as no surprise, since this speculative vehicle really IS in the hands of revelers who, to put it mildly, are not overly concerned about valuations. The 19,850 target is not yet a done deal, but at this point it is no worse than even odds to be hit.______ UPDATE (Jun 26, 9:34 a.m.):  I am raising my minimum target to 21,032. Based on this chart, I would say the odds are remote that bitcoin won’t get there.