Let’s use the imagined head-and-shoulders formation I drew here last week to get short at 106,464, the midpoint Hidden Pivot resistance of the pattern shown. The provenance of the 108,378 stop-loss I am recommending is novel, since it is derived from an unrelated ‘mechanical’ set-up that carries more risk. This is a blend of the two trades, with a price objective of 72,808. That implies this long-term trade will be risking $1914 initially to make as much as $27,144. Please note that the odds of getting stopped out are significantly higher than if we employed an entry strategy with a wider stop-loss. _______ UPDATE (Jan 20): Bitcoin’s plunge on Sunday put my wishful short far out of reach. It could now fall to 87,722 — gratuitously — over the next 3-5 days, and a rally to 95,403 would trigger a ‘mechanical short, stop 97,964. _______ UPDATE (Jan 21, 1:18 p.m.): For lack of genuine interest, Bitcoin has flunked the reinstatement test. The $2800(!) bounce off yesterday’s low came from within 22 points — a fiftieth of a percentage point! — of the 87, 722 target I’d advertised in the last update (see above). There was no mention of this in the room, not even from the dozen-or-so subscribers who professed to want BTC to remain on the list. Accordingly, starting on Sunday, I will substitute Copper on the touts list. I am willing to provide private Bitcoin forecasts to anyone who wants them, but the charge will be $1500/month, and I will need at least four signups to initiate coverage. The service will come with a money-back guarantee, details on request. Serious inquiries only at the email address given in the chat room.
BTCUSD – Bitcoin (Last:87,775)
