Bitcoin Daily Chart Alert - Bulls Stop The Bleeding, But More Work To Do - Nov 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 again in early trading Thursday, on more short covering in the futures market and some perceived bargain hunting in the cash market. The Bitcoin bulls appear to have stopped the bleeding that pushed prices to more-than-12-month lows recently. However, the bulls have more heavy lifting to do in the near term to begin to suggest a price uptrend can be sustained and that a market bottom is in place. The bears still have the solid overall near-term technical advantage. There are still no early chart clues to suggest Bitcoin has bottomed out. Stay tuned!