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Bitcoin Daily Chart Alert - Bulls Need To Stabilize Prices Now - May 17

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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 solidly lower Friday morning and are seeing a big downside correction from recent good gains that saw prices hit a 10-month high earlier this week. No serious chart damage has occurred with the late-week sell off. However, bulls need to step up right now and stop the bleeding in order to avoid technical damage that would suggest a market top is in place. Stay tuned right here because that’s where you’ll get more of those early clues on price trend changes!

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