Bitcoin’s wild histrionics never stop demonstrating that the most crazed trading vehicles are the easiest to forecast. Friday’s bounce following a cliff-dive splash occurred precisely at a ‘voodoo’ support that I was too busy to notice at the time. If you want to play catch-up, jump on this lamb chop on a fall to 81,023, the green line. The trade would require a 78,166 stop-loss. You can also get short at 89,589, provided you have a way to cut the theoretical risk down to relative pocket change. My earlier comments anticipated further slippage into the 60s, but first let’s see if the headless chickens who animate this vehicle can pop it through my Hidden Pivot resistance at 89,589. _______ UPDATE (Feb 7, 9:57 a.m.): Bitcoin has been preparing for the next plunge to 70,000 or lower with gratuitously violent swings. They are engineered to help the so-called smart money distribute inventory to the rubes and crazed young people. if a rally gets close to 96,430.27, an interesting Hidden Pivot resistance, I’ll recommend shorting there with a stop-loss no wider than 96,976.01.
BTCUSD – Bitcoin (Last:90,988)
