Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

October 27, 2019 | Bitcoin’s Big Leap Puts a $21,032 Target in Play

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

Bitcoin has taken a so-far $2500 leap, its most powerful rally in nearly a year, since Thursday evening, when Rick’s Picks issued a ‘buy’ signal on YouTube and Facebook.  It was triggered when a widely tracked bitcoin vehicle with the symbol BRTI touched $7609 a day earlier. That represented a spectacular fall from the $13,855 peak reached in June. ‘Mechanical’ buy and sell signals are a salient feature of the Hidden Pivot Method, and they tend to work best when trading vehicles are at their most violent and evasive. That means the entry points themselves are often scary, since they typically occur opposite steep trends.  The timing of this signal was somewhat surprising, since earlier this month some big banks Facebook had corralled into supporting its planned Libra cryptocurrency backed away from a deal.

Some reports attributed the ballistic rally to a statement by Chinese President Xi Jinping that was supportive of efforts in China to expand the realm of blockchain money.  One account cited trendline support for bitcoin near the price where it bottomed, but the chart was haphazardly drawn and unpersuasive.  Nor did this report or any other offer an inkling as to how high bitcoin might go if it has in fact bottomed. We’d suggest using Rick’s Picks’ target at $21,032 if you are crazy enough to trade this vehicle. This Hidden Pivot resistance is shown in the chart. The pattern from which it was derived is somewhat unconventional, and that’s why we are not offering any guarantees. Lest you jump on this trade to get rich quick, please note that BRTI, which tracks bitcoin bids and offers in real time across many markets, could still relapse to as low as $6166 before putting in a bottom.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

October 27th, 2019

Posted In: Rick's Picks

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.