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Bitcoin Daily Chart Alert - Prices at 2.5-Mo. Low; Blood-Letting Continues - Feb 5

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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 sharply lower again in early U.S. trading Monday and dropped to another 2.5-month low. Major technical damage has been inflicted recently. Prices late last week fell below what was critical chart support at the December low. More selling pressure is likely in the near term, with the next downside target being the $5,500 area. It will take a move in prices above chart resistance at $11,000 to give the bulls some technical strength to then stabilize the market. Stay tuned!

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