Bertie has spent the last two weeks trying to build a bottom at the 19,148 ‘secondary pivot’ shown in the chart. However, the earlier, decisive breach of the 23,550 midpoint Hidden Pivot support suggests the effort will fail and that this bitcoin proxy is headed down to at least 14,746, the pattern’s ‘D’ target. Presumably, that is where it will build a base sufficient to support a short squeeze of perhaps $8,000 or more. For now, though, it should be traded with a bullish bias. ______ UPDATE (Jun 29, 1:47 p.m. EDT): DaBoyz are propping up bitcoin to offload as much of it as they can at $20,000. They won’t be able to pursue this project indefinitely or with much success, since there are so many losers trapped at higher prices. A stock market rally could bail them out, at least for a short while, but that ain’t happenin’, at least not today. The chart shows an interim target at 18,041 to keep in mind as Bertie makes its way down to bigger-picture targets noted here earlier at, respectively, 14,746 and 9,507. _______ UPDATE (Jul 5, 11:59 p.m.): Last week’s low at 18,635 came within 1.2% of the 18,041 target flagged above. Bertie has become a pathetic follower of market trends, a big change from the days when it led and reflected speculative fever. It has become too boring to track and there is zero interest in the chat room, but I am leaving it on the list because, well, because. ______ UPDATE (Jul 7, 6:20 p.m.): Because bitcoin was demoted from speculative investment to scandal in the wake of its collapse since last November from $69k to sub-$20k, the fact that it rallied more than $1000 today suggests there is real power behind the stock market’s short squeeze. We’ll pay close heed to any further progress.
BRTI – CME Bitcoin Index (Last:21,642)