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Bitcoin August 10 daily chart alert - More choppy, sideways price action

Kitco Media
By Jim Wyckoff
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(Kitco News) - Thursday, August 10--September Bitcoin futures prices are a bit weaker in early U.S. trading Thursday, following solid losses Wednesday, which followed good gains Tuesday. Prices continue in a sideways and choppy grind. Neither the bulls nor the bears are able to gain much traction. 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.

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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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