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Bitcoin November 7 daily chart alert - bears keep firm technical grip

Kitco Media
By Jim Wyckoff
Published
Updated
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Bitcoin November 7 daily chart alert - bears keep firm technical grip teaser image

(Kitco News) - Friday, November 7--November bitcoin futures prices are down again in early trading Friday and not far above this week’s contract low. A price downtrend is firmly in place on the daily bar chart. Bears have the solid overall near-term technical advantage. That means the path of least resistance for prices will remain sideways to lower in the near term—until there is a significant technical clue to suggest the downtrend has ended. You’ll get those early chart clues on price trend changes right here.

Wyckoff’s Market Rating: 2.0 (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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BitcoincryptoNovember bitcoin futures

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