(Kitco News) - Friday, October 17--October bitcoin futures prices are sharply down and hit a 5.5-month low in early U.S. trading Friday. The recent price downdraft has produced major near-term technical damage. Bears have the solid overall near-term technical advantage amid the steep price downtrend in place. There are no early technical clues to suggest a market bottom is close at hand. See the important near-term technical support and resistance lines on the chart. Wyckoff’s Market Rating: 1.0 (out of 10.0, with 1.0 being the most bearish and 10.0 being the most bullish).
