It has been over a month already and my Bitcoin analysis made last February 8, 2024 has not yet activated:

https://www.finlogix.com/analysis/20240208/bitcoin-intraday-analysis-and-trading-plan-for-february-8-2024

So I have decided to update a new one today since BTC made series of significant moves since then.

There are 8 US major economic reports for this week starting tonight with CB Consumer Confidence.

The crypto markets in general have recovered from last week’s drop led by Bitcoin.

Volatility is still observed throughout this week.

Re-assessing BTCUSD’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top now a Green Body

Monthly Candle: Both previous close and current are Green Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is developing a Small Green Body

Just a quick recap, it’s safe to say that Bitcoin has entered a new bull cycle after bottoming way back in 2022 and this year 2024 even before it’s halving next month.

Based on these price movements and if there’s a continued new bull cycle in the making, I’m seeing major upward targets at 87,800 and 102,000!

Bitcoin has continued to defy the odds and critics! A 6-digit BTCUSD is possible! Give it more time in investing perspective.

After Bitcoin broke its former all time highs just 2 weeks ago, there are many speculators and short bettors alike in the former ATH itself.

We can see strong buy side liquidation from these levels, indeed very volatile price actions in the last 2 weeks.

Last week also has upset the BTC bears as the bulls were able to reclaim the former ATH and at press time, price is holding above the 70,000 level!

On the day, we can see an imaginary lower high trend line formed from the new ATH.

I am tempted to enter a long position for BTCUSD, looks viable for a new daily bullish FVG. If it happens, there’s a decent probability to re-test the new ATH.

Entering through current market levels after I’ve confirmed the previous ATH into a short term support for this week targeting a re-test on the new ATH as take profit.

I’ve set the stop loss at 68,000 in case I am wrong.

Let’s see if the new short term LH trend line gets broken!

Bitcoin Intraday Analysis and Trading Plan For March 26, 2024

Mar 26 2024

Stop Loss -3.27%

Holding time 6d23hr

70291.60

Entry price

67989.60

Stop loss price

1