Bitcoin remained steady holding its newly found 64500 support amid Fed Chair Powell’s emphasis for the need of more evidence of easing inflation before cutting rates.

My March 26 trade plan has ended in a loss:

https://www.finlogix.com/analysis/20240326/bitcoin-intraday-analysis-and-trading-plan-for-march-26-2024

A total record of 1 win and 1 loss respectively.

There are 4 remaining US major economic reports left this week with Unemployment Claims due tonight.

The crypto markets in general have stabilized after the huge drop last Tuesday.

Re-assessing BTCUSD’s high timeframe candles:

Yearly Candle: Still a Green Body since last check

Monthly Candle: Previous close is a Green Body current is a Red Body with no Head Wick

Weekly Candle: Previous close is a Green Body current is a Red Body with no Head Wick

Daily Candle: Previous close is a Green Long-Legged Spinning Top current is developing a Red Spinning Top

With days left before the next halving cycle, Bitcoin had a bearish week.

Somehow it’s still bullish on the yearly view but on the monthly, the crypto leader started its first red month in April dragging the entire cryptocurrencies downward.

For now, the  major upward targets at 87,800 and 102,000 I mentioned during my previous analysis are at bay.

It will be Bitcoin’s supports coming to play.

We can see a strong impulsive move to the upside after Bitcoin bottomed out last January this year.

This pullback was so strong that it ultimately led to a breaking of its former ATH and a new one last month.

As the March closes out, BTC bulls managed to reclaim the former ATH after the initial monthly drop towards 60K and made some tempo trading back above 70K levels.

April opening proves to be in the bear hands as I’ve drawn in the daily chart above, the BTCUSD price is currently trading in the second range after losing the first last Tuesday.

From here we can see clearly the March LH TL resistance and HL TL support as well with both the 1st range and the former ATH as resistances.

If the current (2nd) narrow range depletes, I am going to open a long open position underneath the March HL TL with a safe stop loss at the 1D 50-SMA.

Meanwhile, I’m targeting the former ATH for take profit.

I’ve protected my last trade with a minimal stop loss.

Let’s see how the current price structures of Bitcoin behave.

Bitcoin Intraday Analysis and Trading Plan For April 4, 2024

Apr 04 2024

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