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Bitcoin August 6 daily chart alert - Bulls work to stabilize price

Kitco Media
By Jim Wyckoff
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Updated
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Bitcoin August 6 daily chart alert - Bulls work to stabilize price teaser image

(Kitco News) - Tuesday, August 6—August bitcoin futures prices are higher on a corrective bounce after hitting a contract and five-month low Monday. Bulls were sorely disappointed that keen risk aversion in the marketplace Monday did not provide any safe-haven demand for bitcoin. Now, bulls are working to stabilize the market. Bears have the firm overall near-term technical advantage as prices are trending lower on the daily bar chart. See the technical support and resistance lines on the chart. Wyckoff’s Market Rating: 2.0 (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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