Bitcoin August 9 daily chart alert - Bulls gain some momentum

By Jim Wyckoff

Published:

Aug 09, 2023 - 12:00 PM

Updated:

Aug 09, 2023 - 4:04 PM

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(Kitco News) - Wednesday, August 9--September Bitcoin futures prices are slightly lower in early U.S. trading Wednesday, following good gains posted Tuesday. While prices continue in a sideways and choppy grind, the bulls have gained a bit of upside momentum and have the slight near-term technical advantage. However, bulls need to show more power this week to suggest more upside can be attained in the near term. See the support and resistance lines on the chart. The direction in which prices break out above the resistance line or below the support line is likely to be the direction of the next trending price move in the market.

'If you are going to take big risks, it has to be for big rewards' - Rick Rule on resource investing

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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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Bitcoin August 9 daily chart alert - Bulls gain some momentum

By Jim Wyckoff

Kitco News
The Leading News Source in Precious Metals

Jim Wyckoff

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news

Bitcoin August 9 daily chart alert - Bulls gain some momentum

By Jim Wyckoff

Kitco NewsThe Leading News Source in Precious Metals

Jim Wyckoff

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Share

Kitco News
The Leading News Source in Precious Metals