BRTI – CME Bitcoin Index (Last:56,611)

With the broad averages falling hard last week, this shiny hoax barely flinched. That’s because any Robin Hoodie sellers are just small potatoes compared to institutional players who have relatively little skin in the game but still enjoy talking their book. Accordingly, I’ve updated the bullish chart that has accompanied touts for this symbol in recent months. Bertie will need to  fist-pump past p=71,394, however, to make D=89,029 an odds-on bet._______ UPDATE (Aug 6, 12:25 p.m. EDT): Like most of the symbols I track, Bertie’s death dive this week exceeded my short-term expectations. The longer-term picture going back to January is still bullish, but I’ve lowered my projection to 84,634. For now, though, we’ll focus on less ambitious targets, most immediately the 57,840 Hidden Pivot midpoint resistance of this pattern. If bitcoin is going to the moon, it should be able to get past this number easily and hold above it.  Somewhat higher lies another obstacle, the 66,998 midpoint resistance of the big pattern projecting to 84,634. We’ll monitor these two numbers closely in order to judge whether Bertie’s rally is on-track for new record highs.