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Is BTC Still a Sell?

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One market that continues to grab the attention of experienced traders and neophytes alike is the digital currency market. 

This is a market that is compelling for more and more folks who are seeking alternatives to traditional markets.

But recently, this market, especially for BTC, has turned sour. And as such, we’ve been analyzing it to see if it is in a confirmed bear market and ready for a sell trade.

So, let’s look at the chart and see where we stand now and going forward…

 The Trade for BTC is a Sell?

Here’s the chart for BTC and how a sell opportunity could be setting up…

BTC Futures Contract (BTC) Price and Technical Analysis – Source: TradingView

And here’s how I see the potential bear market shaping up for BTC…

The BTC futures contract (BTC) daily time frame is in a down trend, with the market 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. 

The daily time frame is at a low price. 

It will be a good idea to wait for the daily time frame to give a high price near the downtrend line before turning to the smaller time frames and looking for selling ideas.

The Bottom Line

While the digital currency market, including for BTC, may be setting up sell trades, over in the stock markets there may well be other opportunities.

And below, I go through one of our latest strategies, which seeks out “marked stocks.” These are particular opportunities that I discuss further in my latest on-demand session…

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. Stock markets may be unsettled, or even bearish. But that doesn’t mean that there aren’t opportunities… All it takes is riding the coattails of a stock after it’s been “marked.”

To learn more about how to identify and trade these specific stock opportunities, click here.

The post Is BTC Still a Sell? appeared first on Josh Daily Direction.

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