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Editor's Note: Welcome to Kitco's 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) - Bitcoin-U.S. dollar are sharply higher and hit a 4.5-month high in early trading Tuesday. The big price move to the upside is a mystery to the marketplace. However, veteran traders of markets have seen such occurrences happen before. While not common, unexplained market moves are just part of the mix of trading. It’s likely some big-hitter trader just reckoned Bitcoin prices were cheap and decided to load up. That’s why technical chart analysis is so important in trading markets. Kitco readers knew for quite some time that the Bitcoin bulls had the advantage on the charts. Any bigger price move was likely to be on the upside and it happened today. Continue to stay tuned right here for the early clues on Bitcoin market price direction!--