The digital currency market continues to grab trader and investor interest, despite the market price challenges of the day.
We continue to follow the market for BTC via the BTC futures contract market (BTC) despite still being out of the market for now.
But we can’t forget about this important market given the potential opportunities it can provide.
So we are tracking it and want to make sure that you’re aware of the trading patterns and what may be coming over the coming weeks…
Out of BTC but Eyeing the Market
Here’s how the BTC futures contract (BTC) chart is currently trading…
The 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.
We are out of the market waiting for the market to hit the down Fibonacci extension. Then, we 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.
In addition, I work with a great group of top analysts that follow the stock market, including Ross Givens.
He has just come up with a great new tech stock that you can learn more about 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. Stocks are still providing some great opportunities, particularly in the market for tech. My colleague and expert traders Ross Givens has just found a great new tech stock that you need to know about.