Bitcoin Daily Chart Alert - Bears In Control Amid Quieter Trading - Dec. 6
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 slightly up in early trading Thursday. Recent quieter price action, and the pause in volatility, has formed a bearish symmetrical triangle pattern. These triangle patterns are continuation patterns. Given that the most recent price trend has been down, technical odds favor a downside breakout from the triangle, which would likely push prices to a move for-the-move low. Stay tuned!