Bitcoin cash is keeping a 4H bullish ascending triangle after last week’s up wave top. Price pullbacks are suggesting bid toned.

I am including the 16th largest cryptocurrency in terms of market capitalization, the Bitcoin Cash - BCHUSD.

The US is set to have 5 high impact economic reports in the coming trading week.

The crypto markets in general including Chainlink have continued protecting its gains after Bitcoin held its crucial 67,000 support strongly last Friday.

Assessing BCHUSD’s high timeframe candles:

Yearly Candle: A Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Spinning Top

Weekly Candle: Previous close is a Red Semi-Gravestone Doji current is developing a Green Inverted Hammer

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is developing a Green Inverted Hammer

Last week’s swing high has connected April 23’s swing high forming a flat resistance line with a higher low support trendline.

This pattern forms an ascending triangle that is bullish by default.

For now, I’m focusing solely on the previous 4H up wave's followed pullback retracement.

This gives me the retracement ideas on the current pullback wave that is not done yet until the 61.80% fib level of discount array is targeted successfully.

This current correctional down wave is seeking to liquidate the recent sell side liquidity as near as Thursday’s dip that sent a price rebound but fell off short around the 500 level.

So the trade plan is simple, to open a long position at the 61.80% fib retracement level mentioned with a quick stop loss at the respective 78.60% fib level.

I’m targeting the take profit towards the flat high resistance’s next challenge.

A minimized risk and a decent reward of a 3 to 1 setup.

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

Copy trading and trading directly involve risks.

Bitcoin Cash Intraday Analysis and Trading Plan For May 26, 2024

May 27 2024

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