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Bitcoin Jan. 27 daily chart alert - Recent pause is not bearish

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 Friday. Prices are pausing late this week after earlier this week hitting a four-month high. This pause is not bearish and suggests the bulls are energizing for another push higher. The BC bulls have the firm overall near-term technical advantage as a steep price uptrend is in place on the daily bar chart. That suggests more price upside is likely in the near term. Stay tuned!

Bitcoin resilience gives bulls cause for hope as it holds above $23k
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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