Editor’s Note: Our offices and all major U.S. stock markets are closed Monday, Sept. 5, in observance of Labor Day.
The market for digital currencies continues to vacillate…
After the big crash to start the year, the market for BTC futures (BTC) looked like it was stabilizing in July.
But August brought further selling, and the market may be on the verge of breaking down again.
However, we see some potential promise in BTC at the right levels, so let’s take a look at the leading digital currency and the potential for another bullish run.
Where’s the Upside?
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.
The post Where We’re Looking to Go Long on BTC appeared first on Josh Daily Direction.
