by Rick Ackerman, Rick’s Picks
Although there should never have been any doubt bitcoin would make new record highs after shaking out weak hands with a plunge below 30,000, the speed with which it has recovered, eating through thick layers of supply offered up by doubters and losers in thankful retreat, has been breathtaking.
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The pattern shown yields a minimum objective of 53,228 and should work nicely for ‘mechanical’ entries if there’s a violent swoon. In any event, we’ll monitor price action at the target closely, since an easy push past it on the first attempt would all but guarantee a test of the old high at 64,858. There is just one place between here and there where we might attempt to get short, but I won’t risk queering its magic with an ostentatious drumroll on the home page. Here’s a futures chart, basis the CME September Bitcoin contract, that looks promising for purposes of setting up mechanical entries. A pullback to the green line following two or three more sideways bars would scream ‘Buy me!’
Econintersect Editor’s note
Here is a screen shot taken at 3:22 AM EDT 23 August, from https://www.tradingview.com/
The latest chart is available here. (Click on 5D to get the same time scale shown above.)
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