Bitcoin Daily Chart Alert - Below $10,000 As Weak Longs Abandon Ship - Jan 17
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 prices are again sharply lower Wednesday, briefly dropped below psychological support at $10,000, and hit a six-week low. Bitcoin-dollar prices have now lost around half of their value seen just a few weeks ago. Those long positions that jumped on board the bullish bitcoin train late are now being forced to capitulate, to drive prices even lower. Severe technical damage has been inflicted recently, to suggest still more downside price pressure in the near term. The bitcoin bulls are hoping perceived bargain hunting will stop the bleeding, but right now the mortally wounded longs are jamming the exit doors. Stay tuned!
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