BTC futures (BTC) got rocked yesterday after news broke about a potential liquidity crunch at digital currency exchange FTX.
The market swung wildly throughout the day, but BTC ultimately ended lower by a whopping 13%.
The market closed just above the $18,000 level, but I continue to believe that there is further downside in store.
Let’s check out the chart, which is on the verge of breaking the counter trend line…
BTC Breakdown Imminent
The daily chart for BTC futures shows our daily down Fibonacci target coming further into view…
The BTC daily time frame is in a down trend. The market is making lower lows and lower highs.
There is a down Fibonacci extension below the market price point 11,060.00, about -1,629 ticks below the market.
While I am anticipating a breakdown, I am still out of the market waiting for BTC to hit the down Fibonacci extension.
Once this selloff is complete, I will then look for the bullish reversal towards the monthly Fibonacci extension.
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