The bearish pattern shown in the inset is straightforward in suggesting that Bertie will fall to at least 11,484 before bulls have a chance to turn it around. The precise series of bounces from p suggest the target can be bottom-fished with a tight stop-loss and good odds of producing a quick profit with relatively little risk. In the meantime, a rally to the green line (x=21,774) should be used to get short. The implied entry risk of a little more than $3,400 would warrant a ‘camo’ set-up to limit theoretical exposure to perhaps $200-$300. _______ UPDATE Dec 13, 10:16): Well, bulls have turned this hoax around, all right, using the increasingly lurid story about the epic bitcoin fraud perpetrated by Sam Bankman-Fried to squeeze shorts. How contrarian! How perverse!. It’ll be interesting to see where the whales trapped in this vehicle begin to unload it.
BRTI – CME Bitcoin Index (Last:17,785)