While I’m out of the BTC market, that doesn’t mean that we can ignore this leading digital currency.
So let’s take a look at the BTC futures contracts…
Looking at BTC Futures Contracts
Here’s how the chart is shaping up and how we see the market…
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 -2,134 ticks below the market. I am out of the market waiting for the market to hit the down Fibonacci extension then will look for the bullish reversal towards the monthly Fibonacci extension.
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…
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.
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Keep on trading,
P.S. I have been working with my teammate, Ross Givens on his latest Stealth trading strategies.