Bitcoin has fallen 16204 points, or 15%, since peaking at a record 108,244 last Tuesday. I still have a final bull market target outstanding at 113,343, but the ferocity of last week’s plunge has cast doubt on whether it will be achieved any time soon. Friday’s low halted just a split-hair shy of generating an impulse leg on the hourly chart, but we can expect that to occur early next week with the penetration of the 92,091 ‘external’ low recorded on December 11. The short-squeeze bounce that occurred off Friday’s engineered, sold-out low at 92,130 was impressive and scary enough to scatter shorts, but it will need to reach 102,760 to become impulsive on the hourly chart. Alternatively, if BRTI continues to fall, we can try to bottom-fish a voodoo number at 91,142. This vehicle is not tradable, but the voodoo number equivalent in BTCUSD is 91,389. The next beneath it is 88,824, and thence 87,846, my worst-case low for the next 4-7 days.
BRTI – CME Bitcoin Index (Last:95,708)
