Bitcoin Daily Chart Alert - Corrective Bounce Tuesday - May 29
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 higher in early U.S. trading Tuesday, on a corrective bounce from recent selling pressure. Bears still have the firm overall near-term technical advantage as a downtrend line remains in place on the daily bar chart. With the price downtrend in place, the path of least resistance for prices remains sideways to lower in the near term.