Bitcoin lost the bullish 4H FVA mid-intraweek, becoming another layer of resistance levels. The current consolidation range awaits a PoD to re-test it first before potentially going lower again.

As a result, my August 26 long trade plan has exited in loss after holding for 22 hours only:

https://www.finlogix.com/analysis/20240826/bitcoin-intraday-analysis-and-trading-plan-for-august-26-2024

An updated overall record of 5 wins and 7 losses respectively.

The US is set to have 3 high-impact economic reports this week starting tonight.

The crypto markets, including XLM, traded lower this week, fully giving up its gains from last 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 Semi Dragonfly Doji now a Red Long Lower Shadow

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

Daily Candle: Previous close is a Red Long-Legged Spinning Top with a Small Body current is a Green Spinning Top

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

The entire global market including the crypto sector is eyeing the important US Unemployment Claims which could be a deciding factor of where Bitcoin’s price is heading next.

The selling pressures seen in the mid-intraweek have completely lost the bullish 4H FVG mentioned on Monday and now await a re-test first if the current consolidation range breaks the 50% fib level as internal resistance.

There’s a bearish gap between the consolidation range and the flipped 4H FVA with immediate resistances found on 50% and 61.80% fib levels.

My bias is that the Unemployment Claims data tonight will be higher than analysts’ forecast which can create a new push-up move to re-test the lost 4H FVA.

Otherwise, the opposite outcome could send Bitcoin back to the 54-55K levels again.

My prediction before 2024 ends for a 6-digit Bitcoin never fades.

So, I like to open a new long setup again.

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

Good luck and see you in my next analyses.

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

Bitcoin Intraday Analysis and Trading Plan for August 29, 2024

Aug 29 2024

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