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Bitcoin January 31 daily chart alert - Collapse in volatility suggests bigger price move soon

Kitco Media
By Jim Wyckoff
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Bitcoin January 31 daily chart alert - Collapse in volatility suggests bigger price move soon teaser image

(Kitco News) - Friday, January 31--February bitcoin futures prices are up just a bit in early U.S. trading Friday. This week’s collapse in volatility on a daily basis (smaller daily price bars) suggests a significantly bigger price move is right on the horizon. Bulls have the slight overall near-term technical advantage, which hints that any bigger price move coming would slightly favor it being to the upside. See the technical support and resistance lines on the chart. Wyckoff’s Market Rating: 6.0 (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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