Bitcoin strongly reverses to the upside after massive sell side liquidation below its May 1’s order block last week hitting my verbal 54-55K buy call!

As a result, my July 4’s long trade plan has exited in profit after holding for 11 days and 22 hours:

https://www.finlogix.com/analysis/20240704/bitcoin-intraday-analysis-and-trading-plan-for-july-4-2024

An updated overall record of 4 wins and 5 losses respectively.

The US is set to have 1 more high impact economic report due on Thursday.

Bitcoin is still leading the general crypto markets with 55% dominance rate and dictates most alts’ price movement.

Re-assessing BTCUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Body with a Slightly Longer Head Wick now a Green Long-Legged Lower Shadow

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Long-Legged Lower Shadow current is a Green Long Upper Shadow

In today’s analysis, I’m using July 2-5 swing high to low moves as the retracement points of view.

From then, we can see a strong upward reversal wave after taking out May 1 external lows that even surpassed the May 15 bearish order block.

If we carefully look back again to the May-June double top to the most recent fall, Bitcoin’s price at the moment has recovered more than 50% of its value.

With the help of the BTCUSD buyers able to nullify a weekly double top pattern and a new bullish 4H FVG shown in the chart, I am speculating that the May-June double top buy side liquidity levels are targeted as more premium price arrays are hit along the way.

Current 4H candle suggests another rebound from the May 15 bearish OB.

After securing profit previously, I will enter a new long position again through the current price.

I like to aim for the May-June double top as the take profit target while setting a stop loss below the new 4H bullish FVG:

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

Many are shouting that Bitcoin will price dive soon!

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

Bitcoin Intraday Analysis and Trading Plan For July 17, 2024

Jul 17 2024

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