Bitcoin Bubble-Bobble: $BTC has Biggest Day Ever, Hits $14,000 En Route to Blue Moon

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.


Bitcoin price action right now is almost as lit as the Windows 95 launch party:






$BRTI 1-Minute


fibozachi brti bitcoin 1 minute super rsi




$BRTI 5-Minute


fibozachi brti bitcoin 5 minute dts




$BRTI 15-Minute


fibozachi brti bitcoin 15 minute dts



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.


fibozachi brti bitcoin 30 minute dts



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...


fibozachi brti bitcoin 1 minute super rsi



--> Check out and @Fibozachi to learn about technical analysis and trading indicators that actually work.


Internet-is-Beast Thu, 12/07/2017 - 05:57 Permalink

I'm surprised Didier Sornette hasn't sounded off on bitcoin. He has used his logperiodic cosine series to model tops and crashes and to predict in advance when they will occur. Perhaps he could find a numerical algorithm that models Dutchsinse's phenomenal earthquake prediction methodology and see if that applies to financial data, thinking of earthquakes as perturbations of a sphere.

RubyPetunia Thu, 12/07/2017 - 20:09 Permalink

My crazy prediction: The dollar (and all major currencies) don't disappear but become based on the bitcoin just as they once were on gold.Why not just use bitcoin? Most people want to go through life with as little aggravation as possible. Traditional currencies will be perceived as safer (my prediciton) for a long while by most, and actually be more convienent and practical. Governments will do what they can to keep their as much of their monetary power as they can even if it means submitting to market reality.If there is no incentive to use bitcoin over dollars or yuan or whatever, because dollar etc. are once again trusted not to be inflated into nothing then the coin of the realm will be the first pick.OTOH, the bitcoin will become picked over bad money just as bullion is except that bitcoins are a lot more practical to obtain, store and use.So state currency doesn't disappear it just stops being bad.