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Bitcoin April 16 daily chart alert - Bulls working on price uptrend

Kitco Media
By Jim Wyckoff
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Updated
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(Kitco News) - Thursday, April 16 - April bitcoin futures prices are near steady in early U.S. trading Thursday, and not far below Tuesday’s four-week high. Bulls have gained momentum recently and are working on a price uptrend on the daily bar chart. Also, the sideways and choppy trading at lower levels the past several weeks could be bullish “basing” or “coiling” action that kicks off a bigger price uptrend. Bulls and bears are on a level overall near-term technical playing field but the bulls have momentum on their side. See the important technical support and resistance lines on the chart.  Wyckoff’s Market Rating: 5.0 (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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