Bitcoin Cash’s previous weekly close revealed potential upper and lower trading ranges but intraweek’s opening has chosen the former path.

As a result, my August 7’s long trade plan has exited in profit after holding for 1 day and 14 hours:

https://www.finlogix.com/analysis/20240807/bitcoin-cash-intraday-analysis-and-trading-plan-for-august-7-2024

The US is set to have 8 high impact economic reports this week starting tomorrow Tuesday.

The crypto markets in general including Bitcoin Cash have made a good intraweek opening in green.

Re-assessing BCHUSD’s high timeframe candles:

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

Monthly Candle: Last check is a Red Body with a Longer Tail Wick now a Red Long Lower Shadow with a Medium Body

Weekly Candle: Previous close is a Red Long-Legged Semi Doji current is a Green Body with a Longer Head Wick

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

As expected in my previous analysis using July 29 swing high to August 5 swing low moves as the retracement points of view, BCHUSD has merely touched the 50% fib level then followed by a price correction.

Meanwhile, the price correction looks shallow as 3-day resistance last week became a buying order block during intraday’s lows suggesting a flipped S/R area.

From last week’s low up to this week’s low, we can see a higher low trendline formed that is a must in the hopes of retracing the multiple lost key levels since the start of July 29 down wave.

However, a lower high trendline is also observed from the day’s swing high forming a symmetrical triangle formation that can be in either side’s PoD soon.

Price is still hovering within discounted arrays so the buyers are likely to win the odds.

I will open a new long position at the current 4H candle which is near the recently recovered 38.20% fib retracement level.

I will aim a higher take profit this time towards the 61.80% fib level while cutting the loss at 320 mark 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 August 22, 2024

Aug 12 2024

Stop Loss -5.86%

Holding time 15d9hr

339.830

Entry price

319.910

Stop loss price

1

1