This popular, low-priced bitcoin vehicle is on a ‘mechanical’ buy signal triggered last week at 29.39. The relevant pattern (see inset) is predicated on a rally target at 38.20 that looks all but certain to be achieved, notwithstanding the apparent struggle to get past the 32.33 midpoint resistance. I have updated my trading guidance in the chat room, recommending that half the position already be covered at 32.33, and another 25% if and when p2=35.26 is reached. A corresponding target in $BRTI lies at 33,600 and is shown in this chart. It can be used a a minimum upside objective for the near term, although at the rate bitcoin quotes are rising, a blowoff could get it there in mere hours. _______ UPDATE (Jan 4, 6:51 a.m. EST): A spike to 34404 occurred, not in hours, but the very instant $BRTI resumed trading Sunday morning. The 2.3% overshoot of my target, which was calculated after the close on Friday, implies the spectacular selloff to 27926 that has occurred since is merely corrective. BRTI is moving so violently that it is impossible to predict the price at which its day-session cousin, GBTC, will open. _______ UPDATE (Jan 4, 7:48 p.m.): Don’t sneer when some little twerp weaned on a robinhood platform predicts on TV that bitcoin will eventually hit 100,000. The rally in cryptocurrencies make’s RCA’s chart from the 1920s look pretty boring in comparison. BRTI recoups steep selloffs so quickly — is doing so at this very moment — that it ranks as one of the most spectacular speculative vehicles of all time. Indeed, it is a perfect analog for the steroid-addled psychoses that have been driving the bull market since March. _______ UPDATE (Dec 5, 7:09 p.m.): No bitcoin rally target survives for long, but we still have to take them one at a time in order to have a shot at trading discrete rally legs with risk under control. Let me proffer a 42.48 target for the time being — a lead-pipe cinch, judging from the way buyers shredded their way past p=35.53. A pullback to the red line from here would trigger a ‘mechanical‘ buy, stop 33.21. Here’s the chart. ______ UPDATE (Jan 6, 6:19 p.m.): With the 42.48 pivot blown to smithereens, here’s another at 44.32 that you can use for Thursday as a minimum upside objective. If it too gets shredded, use 51.92 (daily, A=10.00 on 9/30; B= 33.34 on 12/28). That’s about as high as I can project for now. ______UPDATE (Jan 7, 11:02 p.m.): A comparable target in $BRTI lies at 44745, but use 46109 if it gets impaled; and thence 52480, the highest target I can project right now on the daily chart.
GBTC – Bitcoin Grayscale Trust (Last:44.97)