BTC – Bitcoin (USDT) (Last:9164)

I’d proffered a 10563 rally target here earlier, but it was based on a chart that used sketchy data. This one, from Bittrex.com, yields a 10356 target that I expect to work more precisely. It also shifts the midpoint Hidden Pivot somewhat downward to 7892. The change is worth noting, since we could use a pullback to that number to get long with a mechanical bid and a 7070 stop-loss. I’ll be curious myself to see how well Bittrex charts work for forecasting swing highs and low accurately and getting the trends right consistently in various time frames. Price information sufficient to accomplish this will be intrinsic to any charts based on the CME’s impending bitcoin futures contract, which supposedly will start trading sometime in December. So far, however, the NYSE product bearing the symbol NYXBT has helped us nail some important highs and lows with very good accuracy, including the 29% swoon from a peak at 7521 achieved earlier this month. _______ UPDATE (Nov 29, 9:30 a.m. ET): The already vertical rally steepened overnight with a maniacal lunge to a so-far high at 11792. On the daily chart, only one clear target remains to be filled, via an ABC pattern as gnarly as any I’ve ever seen: 12714. [Note: The original number given, 12174, was a typo.] It is my minimum upside projection for now, but if it too is exceeded I may need a logarithmic chart to produce a new price objective. _______ UPDATE (Nov 30, 9:23 a.m.):  On the 30-minute chart, BTC has slipped below p=9459 associated with a ‘d’ correction target 8328.  There remains 668 points to fall, then, from a current 8994. (a=10976 on 11/29 at 11:30; b= 8714). An alternative target, calculated by sliding the ‘a’ high up to 11165 (11/19. 10:00 EST), is d=8139. Use it if d=8328 is exceeded by more than, oh, $20. None of this has any bearing on the 12714 rally target.