The tracking position established on October 3 at $7,609 is still showing a substantial theoretical gain even though BRTI has plummeted $3142 since we got long on October 23. Within three days, we were able to take profits on half of the position on an explosive rally to $9,933. The original ‘buy’ signal was a ‘mechanical’ one, implying there is still a stop-loss in effect at $3,133, just beneath the pattern’s point C low. Expect the weakness to continue down to the $6,299 target shown — a $947 fall from these levels. If and when that happens, we’ll attempt to augment our position by buying early on in the expected reversal from $6,299. _______ UPDATE (Dec 4): Today’s gratuitous, $1300 Whoopee Cushion bounce went unnoticed by the tracking position we’ve held for the last six weeks from $7609. The cost basis of the position, effectively, is around $5500, since a wack-o rally two days after the position was entered allowed exit on half for as much as $9333.
BRTI – CME Bitcoin Index (Last:7247)