The market for the largest digital currency has been in disarray over the past few months.
Ups and downs on both a daily and weekly basis continue to flummox traders.
So, let’s dive in and take a further look at the market for the BTC futures contract (BTC).
We want to see what this market may be holding right now and whether there is some upside in the making…
The BTC Futures (BTC) Market Review
Here’s how the chart is setting up for the BTC futures contract (BTC)…
The BTC monthly time frame is in a long term bullish trend.
The market is moving from a high price towards a future low price, and it has a down gartley Fibonacci extension price point at 10,300.00, which is near the up trend line.
If the market hits the down gartley Fibonacci extension, it is expected we’ll see a bullish U-turn towards 76,555.00, which is the monthly up Fibonacci extension.
It will be a good idea to turn to the daily time frame and to wait for the market to break the down daily trend line before looking for long ideas.
The Bottom Line
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Keep on trading,
P.S. Beyond digital currencies, I am finding great potential stock trades from my top stocks that I present on an ongoing basis in my premium trading service, Josh’s Top 5.