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Bitcoin July 29 daily chart alert - Bulls lose some steam as trading turns sideways

Kitco Media
By Jim Wyckoff
Published
Updated
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Bitcoin July 29 daily chart alert - Bulls lose some steam as trading turns sideways teaser image

(Kitco News) - Tuesday, July 29—August bitcoin futures prices are again near steady in quieter summertime U.S. trading Tuesday. Trading remains sideways and choppy at higher levels. A price uptrend line on the daily bar chart has been negated and the bulls have faded. Bulls still have the overall near-term technical advantage but need to show fresh strength soon to keep their edge. See the important near-term technical support and resistance lines on the chart. Wyckoff’s Market Rating: 6.0 (out of 10.0, with 1.0 being the most bearish and 10.0 being the most bullish). 

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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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