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

Fibozachi's picture

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 Fibozachi.com and @Fibozachi to learn about technical analysis and trading indicators that actually work.

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RubyPetunia's picture

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.

 

 

 

 

venturen's picture

what is the over under for $20k End of year? And $100k end of next year!

Semi-employed White Guy's picture

20K - 100 to 1 that it WONT reach 20K by 12/31  

Nevermind...It's already trading at 24K USD in Korea

maxblockm's picture

100k end of year.

1 mil end of next.

My guess.

JibjeResearch's picture

Gold?

Bwaha ahah aha ahaha hahaha

LawsofPhysics's picture

Capital and resource mis-allocation and mal-investment can take many forms.

Mango327's picture

BTC 17,000. PUNCH IT, CHEWIE!!!!

Grandad Grumps's picture

Wonderful, now try selling your millions in BTC.

At least with equities the banks are buyers of last resort. THat does not appear to be the case with BTC.

darkstar7646's picture

A trip to Las Vegas might merit someone a jackpot.  I do know at least one casino downtown that does accept Bitcoin (or that has in the past -- the Golden Nugget, IIRC)

Buck Johnson's picture

This is amazing.

 

toocrazy2yoo's picture

Win95 in retrospect, sucked cock. I suspect when Bitcoin washes out, some might say the same..

ReturnOfDaMac's picture

But until then, ride Sally, ride!!

Internet-is-Beast's picture

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.

Thom Paine's picture

Bitcoin $4 trillion by Christmas

Starting to look like the Zimbabwe stock market.

Semi-employed White Guy's picture

I'm not greedy. I'll sell before it gets to $1 trillion.

cookies anyone's picture

shhhhshhh, dont give out the secret to the "investors"

Muslimania's picture

...and they got HACKED overnight for more than $50 MILLION.....

 

AND IT AIN'T COMIN' BACK, FOLKS!

maxblockm's picture

"They?"

An exchange being hacked is like saying

because Tulving or Northwest Territorial Mint were hacked, Ag and Au were hacked.

The exchange is not the coin.

SixIsNinE's picture

$15,300+   -  up 700 from when i logged out 5 hours ago