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)…
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
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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…