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Bitcoin October 8 daily chart alert - Bulls have the solid technical advantage

Kitco Media
By Jim Wyckoff
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Bitcoin October 8 daily chart alert - Bulls have the solid technical advantage teaser image

(Kitco News) - Wednesday, October 8--October bitcoin futures prices are but a bit in early U.S. trading Wednesday, after seeing some routine profit taking from the shorter-term traders Tuesday 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: 7.5 (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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