Looks like the crypto bull market fever is over now that Bitcoin has broken down its March 59,000 support level!

As a result of this latest price action, my April 4 long trade plan has exited in a loss:

https://www.finlogix.com/analysis/20240404/bitcoin-intraday-analysis-and-trading-plan-for-april-4-2024

An updated record of 1 win and 2 losses but I still have 1 more pending order in February.

To end today’s Finlogix analyses, I’ll be sharing a new one for the crypto leader.

Another heavy data week in the US with 12 remaining major economic reports left this week.

The entire markets including crypto are awaiting tomorrow’s Fed interest rate decision and FOMC statement.

Expecting moderate to heavy volatility this mid-week.

Re-assessing BTCUSD’s high timeframe candles:

Yearly Candle: Last check is a Green Body now a Green Long Upper Shadow with Larger Body

Monthly Candle: Both previous close and current are Red Body

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

Daily Candle: Both previous close and current are Red Body

Now that Bitcoin intraday lost its March 59,000 crucial support level, we are expecting a deeper retracement in the sub 50K levels!

A totally bearish start of May after a fake rally earlier at the 60K levels.

It looks like it will take a lot of time to see Bitcoin back in the 60K area, even 70K!

As the major targets at 87,800 and 102,000 mentioned in my previous analysis fade, price might do a comeback before the current weekly candle closes so keep an eye on possible 60K retest rejection.

It was a good stop loss trigger last time because if not, my long position now is a sitting duck!

Markets are generally bearish at the moment and further dumpings from the weak hands are possible if the Fed interest rates increase or stay as is.

Adding selling pressure is a more hawkish FOMC statement tomorrow.

At time of writing, BTCUSD’s price has found solace in its February 27 order block and from here we can see a retracing rally back to 59-61K range.

If what I see is correct, I will open a long position right now with a safe stop loss again at 55K while taking profit at the 60K.

Here are the new long orders to play this scenario:

With a similar RRR last time, I’m willing to take a risk so good luck on this new long plan!

Bitcoin Intraday Analysis and Trading Plan For May 1, 2024

May 01 2024

Take Profit +5.69%

Holding time 1d21hr

56788.65

Entry price

60021.60

Take profit price

1