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Bitcoin January 16 daily chart alert - Bulls lose some steam

Kitco Media
By Jim Wyckoff
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Updated
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Bitcoin January 16 daily chart alert - Bulls lose some steam teaser image

(Kitco News) - Tuesday, January 16--January bitcoin futures prices are a bit firmer in early U.S. trading Tuesday after two sessions of solid losses that have somewhat dented bullish momentum. Bulls still have the firm overall near-term technical advantage but need to show fresh power soon to keep alive a price uptrend on the daily bar chart. Bulls do not want to see BC prices fall below the technical support line seen on the chart, which would at least temporarily negate the price uptrend. Wyckoff’s Market Rating: 7.5. 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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