Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price trend reversals. Jim's unique and exclusive daily technical report is an absolute must for any trader/investor/market watcher who closely follows Bitcoin.
(Kitco News) - Bitcoin-U.S. dollar pricesarelower again in early U.S. trading Tuesday and dropped to a nearly three-monthlow. Major technical damage has been inflicted recently. The bulls are throwingin the towel and abandoning ship. Such a condition is usually the final stageof a major bear market. Thus, there may be a bit more selling pressure buttechnical odds are rising that a near-term market bottom and market stabilizationare close at hand. Still, it will take a move in prices above chart resistanceat $10,000 to give the bulls some technical strength.Stay tuned!
By Jim WyckoffFor Kitco News
Follow @jimwyckoff