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Bitcoin August 20 daily chart alert - Bulls work to stabilize market

Kitco Media
By Jim Wyckoff
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Updated
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Bitcoin August 20 daily chart alert - Bulls work to stabilize market teaser image

(Kitco News) - Wednesday, August 20 - August bitcoin futures prices are near steady in early U.S. trading Wednesday, after poking to a five-week low overnight. Bulls are now working to stabilize the market but are in some technical trouble after prices last week spiked to a contract/record high and then sold off sharply to score a bearish “key reversal” down on the daily bar chart. See also at the bottom of the chart that the MACD indicator has produced a bearish line crossover signal. These are early technical clues that a near-term market top is in place. 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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