Bitcoin daily chart alert—price downtrend in place
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 firmer in early U.S. trading Friday. Still, bears have taken near-term technical control late this week and have established a price downtrend on the daily bar chart. Now, the path of least resistance for prices will be sideways to lower in the near term. More losses to end the week would also produce a technically bearish monthly low close. Stay tuned.