$BTC – Bitcoin (USDT)
We've been using 12714 as a minimum upside target, but composite charts available at Kitco leave room for a move to as high as 14711 over the next 3-5 weeks. Kitco's data also allow for a possible stall at 12391, so take heed if you trade this vehicle. I will be making specific trading recommendations once I determine whose charts are the most accurate for purposes of forecasting swing highs and lows. Here's a gambit you can paper-trade for now: Bid 10615, stop 10011, and hold the position for a 12391 objective. My gut feeling is that we won't have definitive, tradable charts until the impending CME bitcoin futures contract has established a little price history. _______ UPDATE (5:46 p.m.): The order filled and went live as a ‘paper-trade' about an hour ago. Switch to a trailing stop of $350 if and when the rally hits p2=$11,498. ________UPDATE (9:41 p.m.): BTC has traded as high as 11560, activating the 350-point stop. To avoid getting popped out of a good trade too easily, and assuming you are still in it, I'll now recommend substituting a break-even stop at 10615 for the trailing stop. This is not a number pulled out of thin air, for in fact it lies just beneath the midpoint Hidden Pivot of the rally pattern projecting to 12714. _______ UPDATE (Dec 4, 10:27 a.m.): Raise the stop-loss to 10717.
Author
Rick Ackerman
Rick’s Picks
Barron’s once labeled Rick Ackerman an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case.
