Bitcoin Cash is still striving below its 4H bullish ascending triangle boundaries while the bears are threatening to target all the sell side liquidity levels residing below May 10-15 lows!

Last week’s epic dump has caught my May 27 long trade plan’s stop loss marking my first loss this year:

https://www.finlogix.com/analysis/20240527/bitcoin-cash-intraday-analysis-and-trading-plan-for-may-26-2024

The US has 4 remaining high impact economic reports starting tonight.

The crypto markets in general including Bitcoin Cash are trying to fight for their new lower support levels from last week’s dump aftermath.

With the remaining batch of US Data tonight till tomorrow, we are still expecting some high volatility trading!

Re-assessing BCHUSD’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Green Long Upper Shadow current is a Red Long Upper Shadow

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

Daily Candle: Previous close is a Green Long-Legged Spinning Top with a Longer Head Wick current is a Red Body with Equal Wicks

Note: I’m using Tradingview.com under the BCHUSD pair in Bitstamp Exchange to thoroughly re-assess these high timeframe candles.

After a frustrating previous dump week, Bitcoin Cash is in a new down wave structure which is similar to the May 21-31 price action but the latter may not yet be done.

I keep the flat highs and higher low trendlines from my previous analysis.

From here, we can see some failure in retesting the HL TL after the 4H 200-SMA came to step in as the local internal resistance.

If we measure the previous up wave from May 31 to June 7, the down wave has completely retraced the up wave!

What’s left are sell side liquidity levels residing below May 10-15 lows and should Tuesday’s lows hold, the bears' attack to those liquidity levels can be halted  for a price upward reversal.

I’m looking to long at the current levels while Bitcoin Cash is still giving me a discounted chance!

My take profit aims for a complete break above the flat highs resistance trendline.

If wrong again, my stop loss is set with few points below May 10-15 lows.

Let’s see how this one goes and best of luck!

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 June 13, 2024

Jun 13 2024

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