Bitcoin’s upside could be already limited to finish the intraweek after a 4H bearish order block coincides with a premium zone retracement.

As a result, my July 17’s long trade plan has exited in loss after holding for 16 days and 16 hours:

https://www.finlogix.com/analysis/20240717/bitcoin-intraday-analysis-and-trading-plan-for-july-17-2024

An updated overall record of 4 wins and 6 losses.

There are no further high impact economic reports in the US this Friday.

The crypto markets in general led by Bitcoin moved up higher after maintaining a 3-day rally from Monday’s selling aftermath but could have found intraweek range extremes already.

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 Long-Legged Semi Doji current is a Red Long Lower Shadow

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

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Shaven Head

In today’s analysis, I’m using July 29 – August 5 swing high to low moves as the retracement points of view.

After a relief rally, Bitcoin finally moved up higher yesterday breaking its 3-day local resistance not even allowing Monday's lows to be re-tested!

However further upside potential is already limited to finish the trading week.

As long as BTCUSD stays above the new retracement points’ 61.80% fib level, a moving up higher is expected after a consolidation period.

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

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 levels.

Considering BTCUSD’s latest market condition, here are my new long details:

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 Intraday Analysis and Trading Plan For August 9, 2024

Aug 09 2024

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