CME Bitcoin Real-Time Index ($BRTI)
It's no secret that Bitcoin is amidst its largest single-session dollar gain of all time. Just when it seemed like Bitcoin price action couldn't get any crazier.... Flirting with a potential $2,000+ daily gain (at publishing), Bitcoin just pushed above $14k on the $BRTI. For those unfamiliar with the $BRTI, you'll hear about it a lot more after December 18th, when the CME Bitcoin Real-Time Index-based Futures go live.
Even though CBOE futures go live on December 10th, no trader knows which Bitcoin futures contract will become the king of the coin - ala ES E-mini S&P 500 futures. Although the frenzied price action of this behavior seems bonkers, it is par for Bitcoin's course. As crazy as this price action is, if we don't press publish by the time we think about what's happening next, it's going to be up or down another 500 fiat $USD.
Where is Bitcoin heading right now?
Most likely up. A lot higher. On its way to eclipsing JPMorgan's and other banks market capitilizations. Why? Because Bitcoin is an "extinction event" for Wall Street banks and fiat currency.
At the time of writing, Bitcoin is trying to regain $14,000, though by the time we press publish it may have scored another touchdown and be pushing $21K.
Lame as JPMorgan's #JamiesGeniusDaughtersDad fraudulently calling Bitcoin a fraud... though the TD Bank quip above may not be a joke, we can't even begin to guess where long-term upside targets may lie, nor can or should any market technician pretend to. What we can forecast based upon technical analysis is that if Bitcoin ever turns down and cools off, it will likely find support at $12,840, with extremely strong support at $11,750-12,000 and $11,000.
Bitcoin, Blockchain, or if you're a Wall Street bankstah "the Bitchain", is an extinction event for modern finance, 20th century banking, and fiat currency.
While we and every single person alive will have a lot of opinion about it today, tomorrow, and throughout the 21st century – for now, it is naptime, Mmmm.
Update: 8:38 PM (EST)
Here's an updated 1-minute chart of the $BRTI surging up to new highs at $14,236 (while we wrote this article). The Super RSI™ just hit overbought and oversold levels (unbelievably) and is currently heading back towards the OB level as we wait for highs to be retested...