The BTC futures (BTC) market saw a nice pop earlier this month, gaining over 18% in just two days.
However, all of those gains have now been erased, and BTC is back at its lows of the year.
This fits with our analysis, as we continue to expect the market to sell off.
However, when the right level is hit, it could provide a big opportunity…
BTC Ready to Break?
Here’s how the chart is shaping up and how we see the market developing…
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, about -1,629 ticks below the market.
For now, I am out of the market waiting for the market to hit the down Fibonacci extension.
Then, I will look for the bullish reversal towards the monthly Fibonacci extension at the big target level of 76,555.
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
But my colleague and expert trader Anthony Speciale has come up with a brand new way to find opportunity in this bear market.
If you’re interested, check out the important P.S. below…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. My colleague and expert trader Anthony Speciale is preparing to unveil his “Apex System” and his #1 bear market stock he believes could skyrocket 12x higher in the next year.
This FREE, live event is a “can’t miss”…