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BRTI – CME Bitcoin Index (Last:62,913)


Bertie’s brutish poke through the 54,914 Hidden Pivot resistance shown here left little doubt about where its fat-cat sponsors are taking it next.  Shifting to a bullish ABCD pattern of higher degree yields a 64,871 target that should be used as a minimum upside projection for the near term. The nasty C-D leg has yet to gift bulls with a ‘mechanical’ buying opportunity, so we won’t count on one. Trading interest has all but vanished from the chat room lately, but I’ll be around as always if you want to bounce a timely idea off me. _____ UPDATE (Oct 19, 9:12 p.m. ET): Time once again to raise our sights — this time to 89,780, the highest target I can project using the larger charts. Judging from the way the usual lunatics chased this vehicle through the red line (p=59,302), more upside to at least p2=74,542 looks all but certain. Every level of the pattern — x, p and p2 — will be in play for ‘mechanical’ entries, with a ‘camouflage’ alternative if were are not blessed with any pullbacks violent enough for the ‘mechanical’ set-up. _______ UPDATE (Oct 21,, 8:46 a.m.): This morning’s violent swoon has reminded us why Bertie is not for amateurs. The $4289 dip-on-steroids undoubtedly shook out a few rubes, although the fat cats, including banks with no actual skin in the game, couldn’t have cared less about their fleeting losses. This chart shows that the shakedown, nasty as it was, wasn’t quite severe enough to bring Bertie down to the green line, where a no-brainer ‘mechanical’ bid could have been waiting. However, the red line (p=63,308 here) could have been used as well, albeit with more initial risk, using a stop-loss at 61,876 that easily held. _______ UPDATE (Oct 21, 6:10 p.m.): A ‘mechanical’ bid has become a ‘yes-brainer’ due to the second violent upsy-daisy in this two-day-old correction. My gut feeling is that the trade will work, but not without a wrenching move that bottoms well below the green line. Accordingly, I’ll recommend the trade only for subscribers who know how to craft a ‘camouflage’ trigger when the green line is touched (which it will be).  The goal, as with all ‘camouflage’ entries, is to take a small partial profit and keep half of the original position for a swing at the fences. At worst, if the ‘camo’ position is stopped out and Bertie probes deeper below the green line, the trade should be worse than a scratch.

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