Bitcoin daily chart alert – Strong gains, new highs, but… – Jan. 8

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(Kitco News) – Bitcoin-U.S. dollar prices are strongly higher in early U.S. trading Friday and soared to another record high. While a strong price uptrend remains in place on the daily bar chart, the market has now gone parabolic, in trading parlance—meaning nearly straight-up price action. That type of rare price move in a market is one early technical signal that a near-term market top is likely to occur sooner rather than later. Still, the bulls have the solid overall technical advantage. Expect higher volatility on the upside and downside in the near term. Stay tuned!

By Jim Wyckoff

For Kitco News

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