Bitcoin’s May-June double top has catalyzed a downward reversal but May 1’s supportive order block has stopped price from further bleeding this week.

As a result, my May 20’s long trade plan has exited in a loss after holding for 6 days and 7 hours:

https://www.finlogix.com/analysis/20240520/bitcoin-intraday-analysis-and-trading-plan-for-may-20-2024

An updated overall record of 3 wins and 4 losses respectively.

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

Re-assessing BTCUSD’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Spinning Top current is a Red Spinning Top

Weekly Candle: Previous close is a Red Shaven Bottom current is a Red Hammer

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

In today’s analysis, I’m using the May 1-21 swing low to high move as the retracement points of view.

Then from these retracements, Bitcoin’s price reversed last June 7’s peak confirming a monthly double top rejection.

We can see a good drop this week below the 78.60% fib level, rebounded but immediately rejected at the next 61.80% level as intraday’s immediate supply area.

This specific swing low to high move here illustrates a mini up wave and I’m expecting for price pullback towards the 60800-60900 range before another leg up commences.

At least, an agressive down wave started last June has ended and Bitcoin needs to stabilize sideways before the next move up.

I’ll be looking to buy setups as the BTCUSD price revisits the mentioned 60800-60900 range.

Overall down trend has resulted in a very discounted price but be mindful that this mini up wave can have a correction at least.

My take profit target is aimed at the 65000 mark above the bearish 4H OB while setting a stop loss at 59500 only.

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

Bitcoin Intraday Analysis and Trading Plan For June 26, 2024

Jun 26 2024

Stop Loss -2.22%

Holding time 6d17hr

60849.00

Entry price

59497.00

Stop loss price

1