For the intraweek, Bitcoin needs to shug off a weekly double top pattern and must hold the 65,000 internal support in order to maintain a move up theory!

My May 9 long trade targeting the 67,000 resistance level was hit and exited in profit:

https://www.finlogix.com/analysis/20240509/bitcoin-intraday-analysis-and-trading-plan-for-may-9-2024

An updated even record of 3 wins and 3 losses respectively.

After heavy data last week, the US is scheduled to have 5 high impact economic reports starting Thursday to Friday.

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 Spinning Top with a Small Body now a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is developing a Small Green Spinning Top

Daily Candle: Previous close is a Red Long Upper Shadow current is developing a Green Spinning Top

At least the Bitcoin was able to print a new higher high last week breaking above April 22’s order block.

For now, price is cooling down after a breach on the 67,000 resistance level.

I mentioned in my May 9 analysis that the BTCUSD’s price must trade within this range to maintain an upward trajectory.

The touching on the 67,000 has confirmed a new order block as resistance since the Bitcoin bulls have failed to close above it but it does not mean to say that there will be bearish sell-offs again.

Although we can expect a choppy trading week ahead until this resistance level gets a complete break-out above it.

I can see an ascending triangle pattern which is bullish based on the April 22 external resistance and recent 67,000 level breached as our flat supply line.

For our support trendline, this was formed since May started and lows keep getting higher on May 11 and 15 dips.

There’s valid bullish 4H FVG as well and I like to see a sell side liquidity sweep between this FVG area as well as the HL TL for an optimal buy zone.

I will enter at the weekly pull back towards 65,000 level at least while the stop loss is set below the optimal buy zone.

I take profit at the next resistance level at 70,000.

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 20, 2024

May 20 2024

Stop Loss -4.61%

Holding time 6d7hr

64996.00

Entry price

61998.00

Stop loss price

1