If Bitcoin’s price wants to go higher again, it needs a convincing breakout above the 67000 resistance level and close within its range for the week.

Last Monday’s long trade plan has fall short from its take profit target ending in a loss:

https://www.finlogix.com/analysis/20240506/bitcoin-intraday-analysis-and-trading-plan-for-may-6-2024

An updated record of 2 wins and 3 losses respectively.

The US is scheduled to have an Unemployment Claims data release tonight and 30-y Bond Auction plus Prelim UoM Consumer Sentiment tomorrow after a quiet first 3 days this week.

Tonight’s data is a crucial catalyst for Bitcoin’s price next move.

Re-assessing BTCUSD’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Last check is a Green Long Lower Shadow now a Green Spinning Top with a Small Body

Weekly Candle: Last check is a Small Green Doji now a Red Body with a Longer Head Wick

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

For now we focus on the short to mid-term price scenario.

The bearish daily pin bar on May 6 has led to a 3-day slump.

However, intraday has stopped further price drop which coincides with the bullish daily FVG formed from May 2-4 rally.

There is an almost invisible tail wick for the current daily candle at time of writing this article but with the upcoming US Unemployment Claims tonight, we can see 2 possible outcomes.

Either a continued price slump for 4 consecutive days once this intraday rally is stopped by favorable unemployment data or a price pump targeting the 67000 resistance at least.

Unfortunately, I’ve given up my gains and the full stop loss has been triggered before it can even get out above 50% of the take profit target at least!

Remember, I was vocal during my previous articles that anyone can adjust their stops or take profit levels using trailing stops to avoid giving back the gains of winning positions.

But trade is a trade and we stick to our plan no matter what.

Last Friday’s verdict on the US inflation barometers have been dovish for the US dollar giving hints of hope for the opposing traders and investors that Fed can start cutting rates by September and 1 more before 2024 ends down to 5% basis points.

This resulted in a price upswing for Bitcoin.

I’m betting a weaker unemployment figures release tonight so I long the BTCUSD again with the following new order setups:

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 9, 2024

May 09 2024

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