Bitcoin Cash’s bulls need to step up this trading week after my opposite call on a price free falling to as low as 290 level was hit. They need to hold last week’s low in order to end June 7’s downtrend.

As a result, my June 18’s long trade plan has exited in another loss after holding for 10 days and 17 hours:

https://www.finlogix.com/analysis/20240618/bitcoin-cash-intraday-analysis-and-trading-plan-for-june-18-2024

The US is set to have 9 scheduled high impact economic reports starting this Tuesday with key highlights on Fed Chair Powell’s speeches.

Re-assessing BCHUSD’s high timeframe candles:

Yearly Candle: Still a Green Long Upper Shadow since last check

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

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

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Red Semi Dragonfly Doji

Then 3 straight frustrating weeks turned 5 this week but until BCHUSD bulls find a way to stay and hold above last week’s lows, then this suffocating June 7 downtrend reverses to the upside.

As more sell side liquidity levels were hit last week, I am focusing on the retracement points of the swing low to high move from July 5 to 6 only.

Intraweek opening found a rebound on the 78.60% fib level. A much needed pullback to reverse the price situation.

For now, my bias remains to the upside betting that the June 7 down wave is already through.

The March 20 lows were swiftly liquidated, rejected upon retest but on the bright side, price has rebounded from the 290 level support.

I still like to open another long position predicting a price upward reversal.

I will enter through the mentioned retracement point’s 61.80% fib level with a take profit aim at the complete breakout above July 6’s high.

However, the stop loss is defensively set at 270 level only. 

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

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

Bitcoin Cash Intraday Analysis and Trading Plan For July 8, 2024

Jul 08 2024

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