Bitcoin upsets the bears after a strong buying reaction from its newly built bullish 4H FVA during intraday dips. The August 65650 resistance level will be challenged soon!

As a result, my August 9 long trade plan has exited in profit after holding for 13 days and 16 hours:

https://www.finlogix.com/analysis/20240809/bitcoin-intraday-analysis-and-trading-plan-for-august-9-2024

An updated overall record of 5 wins and 6 losses respectively.

There are 4 upcoming high-impact economic reports in the US this week.

The crypto markets in general led by Bitcoin started a new uptrend again after a bullish previous week.

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 Long Lower Shadow now a Red Semi Dragonfly Doji

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

Daily Candle: Previous close is a Green Long Upper Shadow with a Small Body current is a Red Long Lower Shadow

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

What’s stands in the line now against the Bitcoin bulls is the bearish 4H FVG that was merely re-tested last week in line with the August 65650 resistance level which the retracement’s 78.60% fib level.

However, the dips earlier were bought back strongly!

This is a strong indication of higher odds that the said resistance will be challenged again.

With the presence of a 4H bullish momentum candle as well, this solidifies the idea for another push-up move.

Unless the 61.80% fib level breaks down this week, it will spoil the newfound uptrend.

My prediction before 2024 ends will be a 6-digit Bitcoin.

Yes, you heard it right! That’s a $100K Bitcoin price for you.

But today’s trade plan will not take profit on that level, far too ambitious.

I will enter at the current 4H candle’s opening price targeting the 67000 level while cutting the potential loss at the 61.80% fib 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 views and for my trades only.

Bitcoin Intraday Analysis and Trading Plan for August 26, 2024

Aug 26 2024

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