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Bitcoin Nov. 9 daily chart alert - Crypto market turmoil fuels the bears

Kitco Media
By Jim Wyckoff
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Updated
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(Kitco News) - Bitcoin-U.S. dollar prices are lower in early U.S. trading Wednesday as the bulls try to stabilize a very shaky market that saw BC prices Tuesday careen to a nearly two-year low. Bears have quickly gained technical power to suggest still more downside price pressure in the near term. The marketplace is still buzzing about the turmoil in the crypto currency markets on Tuesday that spilled over into safe-haven buying in gold and sharply boosted the yellow metal’s and silver’s prices. The crypto exchange FTX suffered a major liquidity crisis and had to be absorbed by its bigger rival Binance. The cryptos are still a bit shaky Wednesday, in the aftermath of Tuesday’s jolt. The cryptos are just like other markets. When a crisis of confidence occurs, traders and investors all running for the exit door at the same time creates a severe liquidity crunch. 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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