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

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.

Rick Ackerman October 27th, 2019

Posted In: Rick's Picks

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