Bitcoin Cash has just printed a new 2024 higher low in last Monday’s crypto market wide dump but is bound for a recovery for the remainder of the week.

As a result, my July 8’s long trade plan has exited in another loss after holding for 5 hours only:

https://www.finlogix.com/analysis/20240708/bitcoin-cash-intraday-analysis-and-trading-plan-for-july-8-2024

The US is set to have 1 remaining high impact economic report this coming Thursday.

The crypto markets in general including Bitcoin Cash have scored another trading day in green after Monday’s extended sell-off.

Re-assessing BCHUSD’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Long Lower Shadow with a Small Body current is a Red Body with a Longer Tail Wick

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

Daily Candle: Previous close is a Green Long Upper Shadow current is a Green Spinning Top

I will use July 29 swing high to August 5 swing low moves as the retracement points of view.

With the presence of a new 2024 low, BCHUSD can stage a tremendous bullish comeback as long as the buyers step in!

I have given up most of my July Finlogix crypto trading plans’ unrealized profits.

Crypto markets are one of the most notorious in terms of sudden price fluctuations and it’s very, very important to have proper risk management.

Remember my advice to use trailing stops to avoid giving back the supposed gains to the market or at least go back to break-even.

Regardless of the recent massive sell-off, I still like to long Bitcoin Cash betting that Monday’s swing low is another higher low from January 2024 lows perspective.

Although printed a lower low versus July, the latest drop is a much needed correction in a considerable bullish market continuation.

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 August 7, 2024

Aug 07 2024

1