Although there should never have been any doubt bitcoin would make new record highs after shaking out weak hands with a plunge below 30,000, the speed with which it has recovered, eating through thick layers of supply offered up by doubters and losers in thankful retreat, has been breathtaking.  The pattern shown yields a minimum objective of 53,228 and should work nicely for ‘mechanical’ entries if there’s a violent swoon. In any event, we’ll monitor price action at the target closely, since an easy push past it on the first attempt would all but guarantee a test of the old high at 64,858.  There is just one place between here and there where we might attempt to get short, but I won’t risk queering its magic with an ostentatious drumroll on the home page.  Here’s a futures chart, basis the CME September Bitcoin contract, that looks promising for purposes of setting up mechanical entries. A pullback to the green line following two or three more sideways bars would scream ‘Buy me!’ _______ UPDATE (Aug 26, 10:37 a.m.): Today’s nasty swoon missed the green line by a millimeter, but I will suggest canceling the trade. My gut feeling is that the mechanical set-up noted above will still work if Bertie relapses and actually touches ‘x’, but that it will visit excessive pain on bottom-fishers before BRTI turns around.  Here’s the picture.