$NYXBT

The 7562 target I first aired here on November 5 for the NYSE's bitcoin product (ticker symbol: NYXBT) came within $40 of nailing the top of the recent blow-off. The rally subsequently gave way to a spectacular, $1000 plunge from which the cryptocurrency has yet to fully recover.  Although the forecast was not quite a bullseye, I expect my accuracy to improve significantly when the CME's Bitcoin futures contract begins to trade later this year.  For now, let me offer the 8338 target shown for NYXBT. It is by no means a lock-up at this point, and it could change if NYXBT were to dip beneath the 6573 point 'C' low of the pattern shown. If not and it simply heads higher, a quick move past 7014 (i.e., the green line) would put D=8338 in  play.  That number, a Hidden Pivot resistance, would become an odds-on bet to be achieved if buyers blow past p=7455 with ease. If you trade this product or are fascinated by Bitcoin's nutty price swings, stay tuned to Rick's Picks in real time for sane and precise intraday guidance, since it may be possible to generate a relatively low-risk entry signal using the Hidden Pivot 'camouflage' technique or a 'mechanical' entry set-up.  If you don't subscribe but want to join in the fun, click here for a two-week free trial to Rick's Picks, including access to a 24/7 chat room that draws great traders from around the world.

Bitcoin's bold rally warrants a drum-roll, since it narrowly exceeded a long-term Hidden Pivot target at 7353 on Wednesday with the greatest of ease. This all but clinches more upside at least to the next, 7562, as far as I'm concerned. Both of these 'hidden' resistance points were proffered earlier on the Rick's Picks home page, and no one who follows my touts should be surprised at how quickly Bitcoin chewed through not just the pivots, but presumably daunting round-number resistance at 7000. Now, if buyers shred their way past 7562, they would warning bears and skeptics to dive for cover and shut up. My gut feeling is that the 7562 resistance will give way easily, considering the effortless push past 7353 that has just occurred.  It is the highest projection I can offer using the daily chart. We'll have much better price information shortly, by the way, since the CME is putting the finishing touches on a Bitcoin futures contract slated to begin trading before 2018.  With the much greater liquidity and price history this speculative vehicle will provide, I should be able to improve very significantly on the accuracy and usefulness of my forecasts._______ UPDATE (Nov 12, 6:06 p.m.): Last week's record-high 7521 fell just shy of the 7562 target given above. My gut feeling is that the target will be achieved, and soon, but buyers would need to push this vehicle easily past it to suggest they've got the moxie to keep driving bitcoin steeply higher in November. Click here for a free, two-week trial subscription that will allow you to stay on top of Bitcoin and other trading vehicles in a precise way that you may never have imagined possible. And click here if you want to learn how to do it yourself. This will be

I expect Bitcoin's manic rally, which has gathered force over the last month or so, to run out of steam shortly, since last week's bold leap brought the NYSE's Bitcoin Index (click on inset) to within an inch of some key Hidden Pivot resistances.  The chart shows two logical possibilities for the week ahead: 1) a top at 7353, slightly above last week's high; or 2) a somewhat higher top at 7562 based on a lower point 'A' for the trend pattern. Neither of the point 'A' lows that I've used is sufficiently clear or compelling to permit a highly confident call, but my gut feeling is that the targets are good enough to warrant our diligent attention. Fortunately, some new bitcoin trading vehicles are scheduled to be listed over the next several months, including one by the CME that should significantly boost liquidity in cryptocurrencies and enhance the accuracy of charts that show their price action. In the meantime, the NYXBY chart shown will have to do. I'll be interested myself to see how well my targets, based as they are on sketchy price action, work.  I see much higher price for Bitcoin ultimately, but the bull mania is overdue for a rest.

Bitcoin has fallen more than $1000 since triggering 'Matt's Curse' a week ago. This is a technical event marked by a rally that stalls precisely at the 'secondary' Hidden Pivot -- in this case 4780.  At the time, I predicted bitcoin would fall to at least 3879, but it has somewhat exceeded this benchmark, plummeting this morning to 3769.  If that is the way "money" is supposed to act, then perhaps we should all be grateful for the opportunity to become speculators with every purchase or sale we make.  There's no way the lunatics who drive this monster are finished, but we'll need to see where it bottoms before we can project a precise target in the $6000s for the next big move.

This is bitcoin's first appearance on the Rick's Picks home page. I'd lacked good charts before now, but this was remedied by a Tradestation-savvy subscriber who supplied the proper symbol during the all-day "requests" session I held today online.  Bitcoin's manic swoons and rallies should pose no particular problem for my forecasts, since, from a Hidden Pivot perspective, all trading vehicles are just dots that move up, down and sideways on charts.  This one moves so violently that precise swing-highs and -lows should be relatively easy to nail. That is often the case with Hidden Pivot analysis: the crazier the price action seems, the more closely the swings conform to the abcd patterns we use to forecast and trade. If you're skeptical, just follow my bitcoin touts for a while and judge for yourself. As far as I could tell, decent technical forecasts for bitcoin have been hard to come by, so let me get you started with this one: If and when NYXBT pops decisively above the 4480 midpoint Hidden Pivot resistance shown, it'll become an odds-on bet to reach a minimum 5080. For now, a pullback to the green line (4179) would be a 'mechanical' buy, stop 3878, for a shot at 5080. _______ UPDATE (Sep 1, 8:18 a.m. EDT):  The uptrend is tracking my 5080 target nicely, and the decisive move past p=4480 has all but clinched a run-up to it. (An unlikely at this point) pullback to x=4179 would be a mechanical 'buy', stop 3878.________ UPDATE (Sep 5, 10:4 p.m.): Like AAPL, the Bitcoin Index has fallen sharply after stalling almost precisely at the 'secondary' Hidden Pivot of an ABCD rally pattern.  This has dangerous implications, for reasons I have noted elsewhere on this page. When this occurs, a stock stands a good chance of retreating