Digital currencies remain volatile, and the recent price action has made them even more so.
But that also means they’re providing plenty of opportunities. So, rather than just ignoring these markets, I continue to work on them and their charts.
This in turn is providing evidence of trading opportunities that others may be missing for gains over time.
BTC is of course the mega digital currency that has my attention right now for this week.
So, I am sharing my analysis with you as well as the trading opportunity I see potentially developing…
The BTC Trade Setup
Here’s how the chart shows the potential gain in BTC setting up…
And here’s how I’ve outlined my analysis…
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.
The market has a down Gartley Fibonacci extension price point 10,300, which is near the up trend line.
If the market hits the down Gartley Fibonacci extension, a bullish U-turn is expected towards 76,555, 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,