May Month is a no for Bitcoin bears as price has strongly rebounded after taking the liquidity out below 59,000 last week.

As a result, my May 1 long trade plan has exited in a profit:

https://www.finlogix.com/analysis/20240501/bitcoin-intraday-analysis-and-trading-plan-for-may-1-2024

An updated record of 2 wins and 2 losses respectively.

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

After heavy data last week, the US is scheduled with only 3 major economic reports this coming Thursday and Friday.

Re-assessing BTCUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Body now a Green Long Lower Shadow

Weekly Candle: Previous close is a Green Semi Dragonfly Doji current is Developing a Small Green Doji

Daily Candle: Both previous close and current are Green Doji

We saw a strong BTCUSD’s price reaction in its February 27 order block that successfully sent the price above the 59-61K range per my previous analysis.

An epic price action last week as the weekly candle closed in a bullish semi dragonfly doji after an all-out negative US data results on Friday!

This has somehow nullified my bearish call at that time stating it will take months for Bitcoin’s price to at least recover back above the 60,000 level.

According to the monthly long-term view, after bears initially succeeded in taking out the liquidity levels that are residing below March support levels at 59,000, the price has convincingly rebounded at BTCUSD’s 78.60% which is based from the former 69K ATH to November 2022 bottom.

Now that price is hovering once again above the 64,000 level which an external February resistance, zooming out on the 4H chart, from here a possibility of price downward retracement or newfound uptrend continuation can happen!

There’s a bearish 4H FVG which aligns to BTCUSD’s 4H 200-SMA as resistance.

We see some rejections here but given how strong the weekly close last week, we will only focus on buy setups.

Its 4H 50-SMA is offering support as well so my trade plan is to wait some pullbacks towards 63K level then long it targeting 66K take profit.

In case bearish volatility prevails, setting a stop loss at 38.20% fib retracement can be a safe idea.

Here are the new long orders to play this out:

Let’s see how this new long trade plan goes and good luck.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

Bitcoin Intraday Analysis and Trading Plan For May 6, 2024

May 06 2024

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