I seldom rate ‘mechanical’ trades ‘8.0’ or higher, but the one shown in the chart is right up there. It is so juicy, actually, that we should probably assume Bertie’s taskmasters are not planning to gift us with such a bargain-basement opportunity. Interest in this vehicle has been almost nil, so I’ll leave it to you guys to figure out the optimal coordinates to use for getting long somewhere above x=40,023 with a tight ‘reverse’ pattern. Unless this vehicle shocks by plunging below C=32,977, the somewhat-big-picture rally target will remain 61,163. _______ UPDATE (Apr 11, 6:10 p.m. EDT): A vicious but wholly gratuitous $7,000 plunge has triggered the ‘mechanical’ buy in Bertie noted above. Keep in mind that the green line (i.e., x=40.023) is NOT a support, nor even necessarily a place to get long. That is best accomplished using camouflage. Here’s a pattern you can use for that purpose. You’ll have the wind at your back with any entry method employed near D=39,166 of the pattern shown, but ask me first if you are too scared to pull the trigger. That is the way you’re supposed to feel when good mechanical opportunities arise. _____ UPDATE (Apr 12, 4:45 p.m.): The rally and the opportunity have come and gone, leaving a $7000 hump on the hourly chart to discourage both bulls and bears with a demonstration of how silliness often rules the markets.
BRTI – CME Bitcoin Index (Last:39,561)