Bitcoin Daily Chart Alert - Pounding Continues; Next Target $5,500 - Feb 2
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 pricesaresharply lower again in early U.S. trading Friday and dropped to a 2.5-month low.Major technical damage has been inflicted this week as prices fell below whatwas critical chart support at the December low. Such suggests another big legdown in prices in the near term, with the downside target being the $5,500area. It will take a move in prices above chart resistance at $11,000 to givethe bulls some technical strength to then stabilize the market. Stay tuned!
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