Bitcoin daily chart alert—bulls stabilizing market early this week
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 near steady in in early U.S. trading Monday. Bulls have stopped the recent downside bleeding and have stabilized the market. Bulls and bears are now on a level near-term technical playing field, so this week’s price action will be extra important in determining the price trend heading into September. There is strong technical support at the summertime lows. Bulls still need to defend those summertime lows. Stay tuned.