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Bitcoin May 10 daily chart alert - Bigger price move coming

Kitco Media
By Jim Wyckoff
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(Kitco News) - Friday, May 10—May bitcoin futures prices are a bit firmer in early U.S. trading Friday. Trading has been trapped in a range recently. The recent “collapse in volatility” makes me suspect a bigger price move is coming soon. The bulls and bears are on a level overall near-term technical playing field. See the support and resistance lines on the chart. The direction in which prices move above the resistance line or below the support line is likely to be the direction of the next significant trending price move in the market. 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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