Bitcoin Daily Chart Alert - Bulls Working To Stop Bleeding - Aug 10
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 near steady Friday morning after hitting a three-week low on Wednesday. Bulls are still working to stop the bleeding, as prices are in a steep near-term downtrend and the bears still have the firm overall near-term technical advantage. Significant near-term technical damage has been inflicted to suggest more downside pressure in the near term. Stay tuned!