The digital currency markets continue to be as volatile as the leading stock market indexes over the past weeks.
This is providing challenges for researching and analyzing both direction as well as levels for entry.
There are definitely plenty of opportunities for trading digital currencies, especially the leading currency in BTC.
In addition, by tracking and trading futures contracts on BTC, we can get a great deal more information in trading including volume, price and other factors that go into our chart analysis than is possible in the over the counter markets.
This provides us with the ability to track potential entry and target levels for BTC that we are going to share with you today.
While this market is in flux, it has opportunities potentially in the making.
Looking for the Next Direction for BTC
Here’s the daily BTC chart and the set up discussion…
The digital currency BTC futures contract (BTC) daily time frame is in a down channel.
The market hit the bottom of the channel and at the same time hit a daily down Fibonacci.
If support holds, the market is expected to push bullish towards the top of the channel price point 60,295, about +5,465 ticks above the market.
If support fails and the market falls below the channel, we will need to continue the down Fibonacci and find the next bear target.
At this time, I am waiting for the market to either break into the buy zone or break into the sell zone. Once or if that happens, I can make a decision on direction.
The Bottom Line
While the stock market indexes continue to gyrate day by day, digital currencies entered at the right levels may also provide potential further gain opportunities.
Luckily, you can now leverage the market knowledge I’ve gained over all my years in the market to your advantage.
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. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities, particularly in digital currencies including BTC and ETH.
To learn how to do this effectively using the strategies developed inside my War Room, click here!
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