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Bitcoin March 3 daily chart alert - Downtrend line challenged by bulls

Kitco Media
By Jim Wyckoff
Published
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Bitcoin March 3 daily chart alert - Downtrend line challenged by bulls teaser image

(Kitco News) - Tuesday, March 3—March bitcoin futures prices are weaker in early U.S. trading Tuesday. The bulls are now challenging a downtrend line in place on the daily bar chart. Breaking that downtrend line would be a bullish signal. Also, see at the bottom of the chart that the MACD indicator has produced a bullish line crossover signal. However, bears still have the overall near-term technical advantage. See the important technical support and resistance lines on the chart.  Wyckoff’s Market Rating: 2.5 (out of 10.0, with 1.0 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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