Trading Plan 68 (November twenty – November 26, 2023) – Market Accumulation, Continue Finding Opportunities with Altcoins
one. Review final week’s trading prepare
Last week, whilst 68 Trading did not acquire lots of trading signals, it prevented a solid correction wave in Bitcoin and altcoins. BTC broke assistance and broke the sideways box in a down path like the prepare we outlined at the starting of the week. Although the value subsequently rebounded, the continued correction brought about the altcoin to “bleed” fairly a bit.
two. Analysis and commentary on Bitcoin (BTC) subsequent week
1W chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 19, 2023
First, the W-frame offers us a bit of hesitation. Last week’s candle closed at occasions in the USD 34,400 assortment, but now, just in excess of the weekend, it has moved back up once more. However, even if there is shopping for stress to assistance the value, if the weekly candle is even now red tomorrow at seven:00, we will have a signal that sellers are starting up to “attempt” to enter the marketplace in this assortment value. One vibrant spot is that this week’s candle is even now just within final week’s green candle.
1D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 19, 2023
Frame D offers us a clearer viewpoint. In reality, BTC is trading sideways in the USD 35,400 to USD 38,000 value assortment. The value continually produces solid fakes in these two places. Therefore, we need to have to wait for the value to break out of the assortment to know the precise trend in the close to potential. However, if you want to acquire altcoins, BTC falling to assistance amounts like USD 35,400 or decrease are all superior possibilities for us to have a superior entry.
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 19, 2023
The 4H frame exhibits the pretty unpleasant side of BTC at this stage. At the minute, I do not inspire you to trade BTC at this stage. Personally, I only have a single prepare: wait for BTC to break out of the decrease assortment and break the trend line, then we can quick escape. That was also the time when the value fell from the two EMA. You need to have to stick to your prepare very carefully due to the fact quick promoting proper now goes towards the trend.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of November 19, 2023
As anticipated, BTC.D is only laterally inside of the assortment (gray box as proven). This is a pretty steady signal for altcoins, so you can even now wait for the chance to acquire altcoins when BTC adjusts.
three. Some ideas for altcoins
HOOK
1D chart of the HOOK/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 19, 2023
HOOK presently continues to attain the assistance zone at USD .89 – .91 and this can even now be a superior cumulative entry stage for you in the extended phrase. You can deploy your capital to acquire progressively in this region to keep it.
CAKE
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 19, 2023
CAKE is also an altcoin with a rather good chart. The value is testing the USD two.41 breakout zone once more and sideways there. You can enter the spot with a prevent reduction beneath $two.27.
four. Analyze gold and some Forex currency pairs
Currently, as some of you have requested much more remarks on the foreign exchange marketplace, I will include remarks on gold and some currency pairs.
Note: If you are mastering about Forex and want to obtain a superior and dependable trading floor, you can refer to Exness (You can use the 68 Trading hyperlink to register, then the pm admin will be additional to the personal group).
Yellow
four-hour chart of the XAU/USD pair, screenshot from TradingSee on the evening of November 19, 2023
Last week our prepare was to wait to promote gold quick, on the other hand the value did not reject the resistance as anticipated and continued to rise strongly. This week, with the key uptrend in the 4H frame, you can observe for a extended time when the value returns to the 1970 – 1975 USD assortment and develop reversal patterns.
five. Macroeconomic information
This week there will be some notable information:
On November 22, the Fed will publish the minutes of the FOMC meeting. This is a comprehensive account of the Committee’s policy-setting meeting held somewhere around three weeks earlier, together with written content linked to the FOMC place.
Also on November 22, at eight:thirty pm, the United States will release the initial information on unemployment claims.
In addition to the remarks over, you can participate channel 68 Trading to be constantly up to date with top quality trading ideas/commentary/betting from us. See you once more in the subsequent content articles!
