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Bitcoin daily chart alert - Price downdraft continues - Jun. 15

Kitco Media
By Jim Wyckoff
Published
Updated
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(Kitco News) - Bitcoin-U.S. dollar prices are again solidly lower and hit a 1.5-year low in early U.S. trading Wednesday. The steep price slide continues and investors are bailing out of Bitcoin at an increasing rate. The bears have the strong near-term technical advantage, have produced a bearish downside "breakout" from the recent trading range, and have restarted a price downtrend on the daily bar chart. The bears have the power to push prices still lower in the near term. However, prices are now short-term oversold and due for a corrective bounce soon. Stay tuned!

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Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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