The futures market for the world’s leading digital currency BTC has given up a lot of ground over the past year or so.
And unfortunately for BTC believers, there could be more downside in store from here.
While the monthly time frame is in a long term bullish trend, the market is currently moving from a high price towards a future low price.
So, today, let’s look at what’s next for BTC and see where it might find some support…
What’s Up With BTC?
Here’s how the chart is setting up for the BTC futures market…
The BTC daily time frame is in a down trend, with the market making lower lows and lower highs.
There is a down Fibonacci extension below the market price point 11,060.00.
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
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.
But with inflation on a fast-track, you need to know how to amplify your gains. To see how I do it, check out the link in the P.S. below…
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.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
P.S. Countless everyday Americans are earning anywhere from an extra few hundred bucks a week…