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Bitcoin February 7 daily chart alert - Bigger price move likely coming soon

Kitco Media
By Jim Wyckoff
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(Kitco News) - Wednesday, February 7--February bitcoin futures prices are down just a bit in early U.S. trading Wednesday. The recent “collapse in volatility” (smaller daily price bars) suggests a bigger price move is right on the horizon. (If you’d like more details on the collapse in volatility phenomenon, send me an email at jwyckoff@kitco.com and I’ll forward you a feature story I wrote on the matter. Just put “story” in the subject line of the email.) Bulls and bears are on a level overall near-term technical playing field. The direction in which prices break out above the resistance line or below the support line will very likely be the next significant near-term price trend for Bitcoin. Wyckoff’s Market Rating: 5.0 (out of 10.0).

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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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