BTC Breaks the Counter Trend Line?

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…

Daily Chart of BTC Futures — Source: TradingView

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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Josh Martinez

Josh Martinez

Josh Martinez is an elite Analyst who’s been actively trading the financial markets since 2011. He’s known as one the leading innovative traders in this industry due to his his cutting-edge strategies.

Josh first burst into the scene when he took an initial deposit investment of $500 and turned into over $39,000 in just under 2 years.
Josh’s trading articles have been featured in Your Trading Edge, The FX Street, Trader Planet, Forex Crunch, Trading Pub, and Equities.com.

In addition to trading, Joshua has also trained thousands of traders worldwide. His strategies and systems have helped others find success in the market

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