Bitcoin Daily Chart Alert - Corrective Bounce Seen Wednesday - Feb 7
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!
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.