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Bitcoin Sept. 29 chart alert - Volatility collapses amid risk aversion

Kitco Media
By Jim Wyckoff
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Updated
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(Kitco News) - Bitcoin-U.S. dollar prices are a bit weaker in early U.S. trading Thursday. Prices have been grinding sideways in quieter fashion recently. This has created a “collapse in volatility” despite keener risk aversion in the general marketplace. Bitcoin bulls have to be disappointed that prices have not rallied amid the risk-off atmosphere in the markets. The collapse in volatility suggests a bigger price move is on the horizon. The bears still have the slight overall near-term technical advantage. A move in BC prices above the September high would empower the bulls to suggest a price uptrend developing, and a move below the September low would recharge the bears and restart a price downtrend. Stay tuned!

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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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