Built by Traders, for Traders

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.

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. 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!

The post What’s Going On With BTC This Week? appeared first on Josh Daily Direction.

Leave a Reply

Your email address will not be published. Required fields are marked *