Here’s Where the BTC Bear Market Might End

Digital currency futures are down again today as traders continue to assess what impact the downfall of FTX will have on the overall sector.

FTX has now officially filed for bankruptcy protection and apparently owes its top 50 creditors over $3 billion.

With so much uncertainty swirling about how this will affect the broad digital currency ecosystem, traders are opting to step away from these markets until the dust settles.

We are following suit and sitting out of BTC futures (BTC) for now, but we continue to see a big bullish opportunity when the market gets to the right level…

BTC Breakdown Continues

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 -1,008 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.

Before I Go…

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To see how I do just that by trading markets like S&P 500 (ES), Nasdaq 100 (NQ) and even BTC (BTC) futures, check out the link in the P.S. below…

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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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