There’s always plenty of action taking place in the market for digital currencies.
And this morning, the price of BTC (BTC) futures shot higher by as much as 11%.
But that doesn’t necessarily make it a good buy at current levels.
Instead, read on for our take on this exciting market and where we’ll be looking for better entry points…
What’s Next for BTC?
Here’s how we see the market for the BTC futures contract (BTC) developing…
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.
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
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 my colleague and equities pro Ross Givens has come up with a brand new strategy that aims to deliver weekly gain opportunities without ever holding a single stock.
If you’re interested, check out the important 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 before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. My colleague and expert stock trader Ross Givens just unveiled his brand new “rapid cash” strategy that is totally market neutral.
It doesn’t matter if a stock goes up or goes down… With this strategy, Ross can set up his trades to win in either direction.