Bitcoin’s May 1 bullish order block is threatened for a breakdown after the bulls have failed to clear out the problematic May 15 bearish OB.

As a result, my June 26’s long trade plan has exited in another loss after holding for 6 days and 17 hours:

https://www.finlogix.com/analysis/20240626/bitcoin-intraday-analysis-and-trading-plan-for-june-26-2024

An updated overall record of 3 wins and 5 losses respectively.

The US is set to have 3 remaining high impact economic reports tomorrow Friday.

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 Red Long-Legged Spinning Top current is a Red Body with a Slightly Longer Head Wick

Weekly Candle: Previous close is a Red Semi Dragonfly Doji current is a Red Body with a Slightly Longer Head Wick

Daily Candle: Both previous close and current are Red Bodies with Longer Tail Wicks

In today’s analysis, I’m using the June 24 to July 2 swing low to high move as the retracement points of view.

The Bitcoin bulls have fallen short to even break above the May 15 bearish order block.

One of Intraday's key price action highlights is that Bitcoin’s June 24-25 internal support levels cannot withstand any longer.

However, we can see that the current 4H candle is fighting with all of its might to stay and hold within the May 1 supportive order block.

A total failure in the current range shall be disastrous, sending BTCUSD’s price lower to as low as 54-55K levels!

In today’s trade plan, I’m speculating for the May 1 bullish order block’s breakdown and the Bitcoin bears will push the price lower towards the 54-55K levels.

Then from these levels, I’m setting a limit buy order with a take profit target towards the 66000 level and a stop loss at 50000.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Personally, I don’t want the 54-55K levels to be hit!

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

Bitcoin Intraday Analysis and Trading Plan For July 4, 2024

Jul 04 2024

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