Bertie goosed itself on Friday with rather more brio than we’ve grown accustomed to, but the move was barely a blip when viewed against the backdrop of its crushing descent from 68,000. I still expect a relapse to the 29,000 neckline of the developing and still speculative head-and-shoulders pattern we’ve been monitoring for the last couple of months. This bounce would merit our attention if it pushes above the 44,434 peak (1/13) that sits just above the point ‘A’ in the chart. ______ UPDATE (Feb 7, 6:33 p.m. EST): Let’s give the lunatics their due with an expansive view of the rally, which is bound, at a minimum, for the 46,751 midpoint resistance of this ambitious ‘reverse’ pattern. We’ll be better able to judge whether the move is capable of reaching D=60,525 once we’ve seen how it interacts with the red line.
BRTI – CME Bitcoin Index (Last:43,914)
