Trading Plan 68 (October sixteen – October 22, 2023) – Not also quite a few choices for traders
one. Review final week’s trading program
Last week was a unsuccessful trading week the place all ideas ran into difficulties. Both BTC and DYDX invest in ideas failed, even though the selling price rebounded somewhat on entry.
Last week’s program:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October eight, 2023
Result:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
The selling price rebounded when it reached USD 27,200, but when examined a 2nd time, it failed and broke over the two the trend line and the USD 26,900 difficult assistance region. This leads to our program to fail.
Similar to BTC, the floor for DYDX also rebounded somewhat when it reached the entry, but failed to preserve its upward momentum:
four-hour chart of DYDX/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
two. Analysis and commentary on Bitcoin (BTC) upcoming week
1W chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
Our preliminary “utopian” program was for the selling price to proceed increasing and attain the USD 29,000 – thirty,000 degree, building a head and shoulders reversal pattern. However, with current unpredictable information developments and reducing liquidity, this is getting to be more and more hard. This week’s candlestick continues to display that sellers are dominating as it closed beneath final week’s doji closing selling price. Of program, we nonetheless have a lot more to view simply because the candles are not going to shut tomorrow morning, but ideal now the problem for consumers is not also favourable.
If the selling price stagnates and corrects itself, there is a large likelihood that the selling price will return to the nearest assistance degree in the USD 25,000 region, so you want to view the selling price response in this region. However, if this situation takes place, there is a large likelihood that the selling price will break this assistance and drop deeper.
1D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
Frame D exhibits that sellers are obviously dominating when the selling price breaks over the increasing trendline and supports at USD 27,400. Currently, you can promote quick when the selling price retests this region.
Scalping program for BTC this week:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
With the over evaluation, this week’s program will be to wait for the selling price to have a false pump once more at USD 27,200 – 27,400 and reject it, then you can go quick.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of October 15, 2023
BTC.D is encountering resistance in the 51.seven% zone, which is also confluent with the preceding provide zone. Personally, I anticipate BTC.D to be rejected and decreased to make it less complicated for altcoins to breathe.
three. Some ideas for Altcoins
There are not quite a few altcoins exhibiting acquiring stress at the minute. This week I only recommend you refer to the program for ICP, a coin that has been out of stock for a lengthy time, not long ago the 3D image has started off to display favourable indicators:
3D chart of the ICP/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 15, 2023
As you can see, the 3D frame chart of ICP is pretty bullish with a bullish engulfing candle and a group of two bottoms. You can enter lengthy if in 9 hrs the 3D candle nonetheless closes superbly with a stoploss of about 13% and a takeprofit of twenty% – thirty%.
four. Macroeconomic information
This week there will be some notable information:
On October 19, 2023, at seven:thirty pm, the United States will release information on preliminary jobless claims. As you know, the serious information is larger than forecast, exhibiting negativity for the dollar and vice versa.
Also on October 19, 2023, at eleven:00 pm, Fed Chairman Powell will give a speech. This is also significant information that you want to adhere to to have an understanding of the Fed’s path on financial policy in the close to potential.
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