What’s Going On With BTC This Week?

Digital currencies have been hit just like stocks this year… 

In fact, the leading BTC futures (BTC) market dropped as much as 73% from November 2021 to June 2022.

The market has started to bounce back, however, and it has started to cross above its down trend line.

But that doesn’t mean it’s giving the all-clear signal, as there is a very important level below the market we need to be aware of.

So, let’s check in on BTC to see what this market has to offer…

 The BTC Futures Market Review

Here’s how the chart is setting up for the BTC futures contract (BTC)…

 BTC Futures Contract (BTC) Price and Technical Analysis – Source: TradingView

The BTC futures contract (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. 

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.

The Bottom Line

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. While the digital currency futures markets may provide some big gains ahead, my colleague and expert trader Ross Givens has been working on a different market…

Click here to get his research on an early-stage metaverse stock that could be one of the biggest tech millionaire-makers of the decade!

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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