Bitcoin Daily Chart Alert - Prices Going Vertical, But For How Long? - Dec. 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 on Thursday morning soared to yet another record high. The parabolic price uptrend has now gone nearly vertical. Veteran chart watchers study both price and time when doing their technical analysis. The technical “price” perspective upon examining the daily Bitcoin-U.S. dollar chart at present shows no solid clues on how high this market will shoot. However, the technical “time” perspective suggests the nearly straight-up price move will not last long. When that vertical up-move does conclude, such does not necessarily mean that a market top is in place. It could also mean the market just needs time to consolidate and trade sideways, before resuming an uptrend—albeit not likely to be vertical again. Keep monitoring this daily alert, because when Bitcoin does generate an important near-term technical signal, you will read about it here first.