cryptocurrencies

/

bitcoin

Bitcoin October 7 daily chart alert - No early chart clues of market top as bulls charging

Kitco Media
By Jim Wyckoff
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Bitcoin October 7 daily chart alert - No early chart clues of market top as bulls charging teaser image

(Kitco News) - Tuesday, October 7--October bitcoin futures prices are weaker in early U.S. trading Tuesday, on routine profit taking from the shorter-term traders after prices Monday hit a contract/record high. Bulls have the solid overall near-term technical advantage amid a steep price uptrend in place on the daily bar chart. There are no strong, early chart clues to suggest a market top is close at hand. That means more price upside is likely in the near term. See the important near-term technical support and resistance lines on the chart. Wyckoff’s Market Rating: 8.5 (out of 10.0, with 1.0 being the most bearish and 10.0 being the most bullish). 

article image
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

Mdi Earth Logo

Tags:

BitcoincryptoOctober bitcoin futures

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.