Bitcoin Daily Chart Alert - "Basing" Action Could Put in Market Bottom - Feb. 4
Editor's Note: Welcome to Kitco's 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 in more quiet and sideways trading Monday morning. While the bears have the overall near-term technical advantage, they can’t push prices significantly down. Thus, the quieter, choppy, sideways price action the past few weeks could now be “basing” action at lower levels that produces a market bottom and a sustainable price uptrend. Stay tuned right here!