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With the stock market still challenged and other financial assets, including digital currencies, are having their own ups and downs.
The leader is BTC, which continues to provide periodic bull and bear moves both this year and last and potentially in the weeks and months to follow.
But the key to profitable trades is to be in at the right entry level as well as being ready to exit at the right levels.
So today, let's take a look at capitalizing on a potential bull market run in the digital currency BTC futures contract (BTC) market as this month shapes up…
And here's how I see this month's developing idea setting up…
The BTC futures contract monthly time frame is in an up trend, making higher highs and higher lows.
There is an up Fibonacci extension price point 103,410, about +14,236 ticks above the market.
Right now, BTC has closed below the up trend line to break support. This is a sign the market can push bearish towards the down Fibonacci extension price point 10,300, about -4,178 ticks below the market.
It will be a good idea to turn to the daily time frame and look for the market to enter into a buy or sell zone to confirm direction.
Again, the BTC monthly chart shows prices can fall towards 10,300… But from there, we need to get ready for the market to bounce towards the 70,000 level.
If this sets up as expected, it could be one of our biggest opportunities we see in a long time.
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,
Josh Martinez
P.S. Join us on June 21st as we premiere our latest top-tier trading strategy with plenty of upside opportunities.
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