Bitcoin Daily Chart Alert - Corrective Pullback This Week - Mar 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 Wednesday. Price action this week is seeing anormal corrective pullback from recent gains. A near-term price uptrend isstill in place, to still suggest the general path of least resistance forprices will remain sideways to higher for at least the near term. The next keyupside technical target for the bitcoin bulls is pushing prices above stiffchart resistance at the February high of $11,780, which is now within easystriking distance. Stay tuned!
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