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Bitcoin February 3 daily chart alert - Strong losses give bears momentum

Kitco Media
By Jim Wyckoff
Published
Updated
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Bitcoin February 3 daily chart alert - Strong losses give bears momentum teaser image

(Kitco News) - Monday, February 3--February bitcoin futures prices sharply down and hit a three-week low in early U.S. trading Monday. As I reported to you on Friday morning, last week’s collapse in volatility on a daily basis (smaller daily price bars) suggested a significantly bigger price move was right on the horizon—and it occurred today. Bulls have now lost their overall near-term technical advantage and the bears now have momentum. 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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