Bitcoin Daily Chart Alert - Normal Corrective Pullback Thursday - May 16
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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 lower Thursday morning and are seeing a normal downside correction from recent solid gains that saw prices hit a 10-month high this week. The bulls still have solid technical power to suggest still more price gains in the near term, amid a price uptrend in place on the daily bar chart. There are still no early technical clues to suggest a near-term market top is close at hand. That means the path of least resistance for prices remains sideways to higher. Stay tuned right here because that’s where you’ll get more of those early clues on price trend changes!