Bitcoin Daily Chart Alert - More Chart Consolidation Seen - May 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 prices are weaker in early U.S. trading Monday. The recent, sideways price action is chart consolidation, which slightly favors the bulls, given the recent price uptrend. A price uptrend remains in place on the daily chart, but the bulls need to show fresh power this week to keep it alive. Stay tuned! Jim Wyckoff