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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 prices are firmer again today and hit a new high for the week. Importantly, this week’s price action has negated a potentially bearish pennant pattern on the daily bar chart. The bulls have gained good momentum to suggest at least sideways price action in the near term, if not sideways to higher. Stay tuned right here!