This is bitcoin’s first appearance on the Rick’s Picks home page. I’d lacked good charts before now, but this was remedied by a Tradestation-savvy subscriber who supplied the proper symbol during the all-day “requests” session I held today online. Bitcoin’s manic swoons and rallies should pose no particular problem for my forecasts, since, from a Hidden Pivot perspective, all trading vehicles are just dots that move up, down and sideways on charts. This one moves so violently that precise swing-highs and -lows should be relatively easy to nail. That is often the case with Hidden Pivot analysis: the crazier the price action seems, the more closely the swings conform to the abcd patterns we use to forecast and trade. If you’re skeptical about this, just follow my bitcoin touts for a while and judge for yourself. As far as I could tell, decent technical forecasts for bitcoin have been hard to come by, so let me get you started with this one: If and when NYXBT pops decisively above the 4480 midpoint Hidden Pivot resistance shown, it’ll become an odds-on bet to reach a minimum 5080. For now, a pullback to the green line (4179) would be a ‘mechanical’ buy, stop 3878, for a shot at 5080. If you don’t subscribe, click here for a free two-week trial that will allow you to enter the Rick’s Picks chat room, where great traders from around the world swap ideas 24/7.
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