Bitcoin tripped a ‘buy' signal on Friday at 16,045 for a bull play to as high as 22,104 over the next 2-3 weeks. These prices are based on CME's Bitcoin Real-Time Index, which tracks the order books of numerous constituent exchanges. The chart shown, with the Tradestation symbol $BRTI, indicates minimum upside over the near-term (i.e., 2-4 days) to 18,065, the ‘midpoint Hidden Pivot' of the ABC rally pattern. Ordinarily we do not use ‘raw' buy or sell signals such as the one noted above to initiate trades; rather, we convert them to proprietary ‘mechanical' trades that rigorously control risk:reward in a 1:3 ratio. If you are interested in learning more about this or receiving Rick's Picks intraday trading alerts, consider subscribing to the daily online service via a free two-week trial subscription at www.rickackerman.com. ______ UPDATE (Dec 13, 8:44 p.m. EST): The ‘mechanical' buy signal mentioned above triggered today on the pullback to 16042. Since the required stop-loss at 14021 implies entry risk of at least $2021, I'll suggest paper trading this one to get a feel for my tactics before you use real money to tango with this rabid weasel. It means to hurt. _______ UPDATE (Dec 15, 10:03 a.m.): The trade detailed above is developing nicely. Assuming, as we customarily do, an initial purchase of four round lots, I am now suggesting that you cash out half the position if and when p=18062 is hit. (Click here to see the chart. Please note that it uses ABC coordinates and Hidden Pivot levels that differ very slightly from the ones originally given. If you substituted another bitcoin trading vehicle, you should interpolate the exit points.) Odds of a finishing stroke to the 22,101 target will shorten significantly if and when buyers waft this bag of gas decisively above p=18062.
Rick’s Picks trading ‘touts’ are for educational purposes only. Past performance is no guarantee of future performance. (See full disclaimer at https://www.rickackerman.com/)
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