My previous BTCUSD trade analysis on January 24, 2023 has ended in profit.

If you want to know how I did it, check details here:

https://www.finlogix.com/analysis/20240124/bitcoin-intraday-analysis-and-trading-plan-for-january-24-2024

After many days of choppy trading in the $41-43K range, Bitcoin bulls have prevailed victorious and finally broke the $43,800 supply barrier.

At least the January 23 dip at $38K levels never got re-tested after the 1H FVG that is within the stronger 1W FVG was used as a catapult to break the $41K immediate resistance at that time respectively. And it did with fashion.

A strong move followed that printed the first try on $43,800 resistance and from that point, the $41-43K range was made. For days, we saw some choppy price actions from this range with dips below the $42K multi-year supports were heavily bought.

At time of writing this analysis, BTCUSD price is exchanging hands back exactly to the very 4H FVG territory where BOS (break of structure) or MSS (market structure shift) has occured. See what happened previously. Very self explanatory. Okay?

Now that we see some consolidation happening in this range, I’m pretty sure the are mixed longs and shorts positions opened up already.

Prior to Bitcoin’s overnight pump, many screamed that BTC will go back to $35K and to worser $30K while others pointing $44-45K first before next moves.

Honestly, no one is right or wrong here. We just still carefully plan out our trading bias!

There are mixed sentiments and too much market noises I am hearing but earlier this X tweet caught my attention:

https://twitter.com/SuperBitcoinBro/status/1755372616444174607

According to this tweet, if 0.75 ATH fib retracement holds ($43-45K range) to the weekly close, it will mark the first time this 0.75 fib was broken before the halving which could open the door to a new all time high.

So for me, I am seeing a newly built 4H FVG that must be held if BTCUSD wants to go higher more targeting the buy side liquidity!

I want to go long for the possible pullback inside its territory with a take profit aim in touching the 1M FVG lower territory. Putting a stop loss at the heavily bought sub $42K levels in case BTC bulls backfire. We might get range moves to that level again and that’s all I can afford to risk.

An estimated total risk:reward score of 2.

Let me update Bitcoin’s high timeframe candlestick patterns since January 24, 2024:

Yearly Candle: Last check was a Red Long Upper Shadow now a Green Spinning Top

Monthly Candle: Last check was Red Long Upper Shadow now a Green Body

Weekly Candle: Last check was a Red Long Lower Shadow now a Big Green Body

Daily Candle (Previous Close): Big Green Body

We still have few days left to end the weekly candle and right now the bulls are in the momentum after a convince breakout on the immediate $43,800 resistance!

Let’s see how my second BTCUSD trade plan goes.

Bitcoin Intraday Analysis and Trading Plan For February 8, 2024

Feb 08 2024

Pending

Published 212d ago

54024.74

Current price

43712.85

Entry price

1