Bitcoin Cash’s corrective down wave that started last June 7 appears to be a sharp one that even targets all the sell side liquidity levels as deep as May’s external lows.

As a result, my June 13 long trade plan has exited in another loss after holding for 1 day and 5 hours:

https://www.finlogix.com/analysis/20240613/bitcoin-cash-intraday-analysis-and-trading-plan-for-june-13-2024

The US is set to have 5 remaining high impact economic reports starting tonight.

The crypto markets in general including Bitcoin Cash have continued losing their support levels from last week extending further south.

Re-assessing BCHUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Long Upper Shadow now a Red Body with a Longer Head Wick

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

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

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

A 3 straight frustrating weeks after the initial June 7 dump followed by last week’s dump then a weak intraweek.

Assuming that the aggressive and sharp corrective down wave has been completed, therefore the June 7 swing high to June 18 (today) swing low are our retracement points of view.

Current weekly candle is manifesting a red inverted hammer trying to reverse a 3 week decline.

By grabbing the entire May external lows sell side liquidity levels, there’s a possibility for a change in price direction soon as long as these new lower support levels hold.

If all else fails, a catastrophic incident can occur with the BCHUSD’s price quickly free falling to as low as the 290 level!

But before that, the next stop will be March 20 lows first.

I still like to open a long position anticipating a change of price’s direction soon.

I will enter through the March 20 lows order block buy zone with a 50 point stop loss while targeting the 450 level to take profit.

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 18, 2024

Jun 18 2024

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