The Big Long – Bitcoin Mega-Rally Continues as Futures Begin Trading – 12/05/17
BTCUSD is up roughly 50% since I posted this article, highlighting the similarities between bitcoin now and silver in 1980. I suspect we haven’t seen the top yet. To negate this view, we need to see a completed weekly bar (open, low, high, close) below the 20 week moving average.
The CBOE will begin bitcoin futures trading on Sunday, Dec. 10th and the CME will begin bitcoin futures trading on Monday, December 18th, soon to be followed by the Nasdaq. I predict the onset of futures trading will lead initially to a short, but powerful, sell-the-news spike lower. This will kick off the final, strongest leg of the rally as the big boys who are giddy to short bitcoin in a regulated environment are forced to cover their shorts during a meteoric rise. After that, we can start taking about a bear market.