Bitcoin Daily Chart Alert - Bears Have Momentum On Their Side - Aug.16
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 futures prices are lower in early U.S. trading Friday. The Bitcoin bears have momentum as a price uptrend on the daily bar chart has been negated. However, there is strong technical support at the summertime lows that could stop the bleeding and put in a market bottom. However, if the summertime lows are breached it would produce very serious chart damage to suggest solid downside price pressure to follow. Stay tuned.