Bitcoin Daily Chart Alert - Bearish Pennant Pattern Forms - Apr. 29
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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 firmer today. However, very recent price action has formed a minor bearish pennant pattern on the daily bar chart that suggests some more downside price pressure in the near term, which could negate the price uptrend that is now barely in place. Stay tuned right here!