Last week’s moderate rally brought this real-time bitcoin proxy close to triggering a ‘mechanical’ short at the green line, 63,368. Downside potential thereafter would be to 54,070 or even to 47,051 before bulls could get traction for a sustained move to new record highs. The textbook stop-loss would be at 66,467, implying $3,100 of entry risk, but you should visit the Rick’s Picks trading room for guidance if you want to learn how to cut that by as much as 95% with a ‘camouflage’ trigger. The correction from the record 73,791 peak recorded in March has been insufferably tedious, but bitcoin’s deep-pocket handlers are in no hurry to make their move, since they face very little selling pressure. Who’d want to short the stuff when there is always a threat that cryptos will become impossible to borrow?
BRTI – CME Bitcoin Index (Last:62,718)
