Bitcoin Daily Chart Alert - Friday A Very Important Trading Day - Dec.
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price trend reversals. Jim's unique and exclusive daily technical report is an absolute must for any trader/investor/market watcher who closely follows Bitcoin.
(Kitco News) - The daily bar chart for Bitcoin-U.S. Dollar shows prices remain in a steep uptrend and on Friday morning were working on producing a technically bullish weekly high close. A weekly high close on Friday would give the bulls fresh technical power to then suggest more upside price action early next week, including new record highs. However, if Bitcoin prices do back off by the end of the trading day Friday, such would be another clue that the bulls have at least temporarily run out of gas and more downside corrective price action is likely in the near term. Thus, Friday is an extra important trading day for this cryptocurrency. Stay tuned! Jim Wyckoff