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Bitcoin February 11 daily chart alert - Bears in control amid price downtrend

Kitco Media
By Jim Wyckoff
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Bitcoin February 11 daily chart alert - Bears in control amid price downtrend teaser image

(Kitco News) - Wednesday, February 11--February bitcoin futures prices are weaker in early U.S. trading Wednesday. Price action is pausing this week after prices hit a contract low and 15-month low last Friday. Bulls are working to stabilize the market. Bears still have the firm overall near-term technical advantage as prices are in a downtrend on the daily bar chart. See the important technical support and resistance lines on the chart. Wyckoff’s Market Rating: 1.5 (out of 10.0, with 2.0 being the most bearish and 10.0 being the most bullish). 

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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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BitcoincryptoFebruary bitcoin futures

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