68 Trading Plan (October 23 – October 29, 2023) – Market target is even now BTC
one. Review final week’s trading strategy
Last week, trading ideas did not function out properly. After BTC showed a bearish signal, we experimented with to wait for a quick scalping possibility in the USD 27,400 region, but regretably the selling price following the sideways motion recorded a powerful rebound and returned to the unique prolonged plane.
Last week’s strategy:
four-hour chart of the BTC/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 22, 2023
Our original “utopian” strategy was for the selling price to carry on growing and attain the USD 29,000 – thirty,000 degree, making a head and shoulders reversal pattern. Eventually the selling price managed to attain the USD thirty,000 region, nevertheless the rejection force right here was really weak, so I did not dare to construct a quick place. You can see that the weekly candle is even now somewhat sideways in this region, but there has not been any sharp decline that displays that sellers have entered the market place.
3D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 22, 2023
The 3D frame chart much more plainly displays the selling price response in this $thirty,000 region. You can observe that with the past two touches, the selling price made rather massive bearish candles (in the very first time) or candles that constantly withdrew their upper wicks (in the 2nd time). Therefore, the selling price response in this region will be crucial to figure out regardless of whether the selling price can break this barrier or not.
In the third time, you see that on the very first touch, the selling price rejected extremely strongly, making a extremely powerful candle. However, the selling price quickly recovered with the total candle. Temporarily, we see sellers trying to enter the market place but promptly failing. That’s why I advise you not to rush any time quickly.
Scalping strategy for BTC this week:
one-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 22, 2023
You can see that the 1H frame is displaying a divergence signal, so we can wait for the selling price to modify to carry on the trend for a prolonged time. The finish line you can assume is in the region of 28,800 – 29,000 USD, confluence with EMA 200.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of October 22, 2023
This week BTC.D continued to generate a larger peak than ahead of and was extremely bullish. Looking at the medium phrase, it seems that we are in the so-known as “BTC season”, in which BTC’s liquidity and efficiency are improved than most altcoins. During this time period there will even now be altcoins that can boost, but not all at the moment but largely in groups, so if you are scalping you will need to decide on thoroughly.
three. Some ideas for Altcoins
ORBS scalping
15-month chart of the ORBS/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 22, 2023
ORBS provides us a fairly clean graph. You can wait for the selling price to return to the assistance in the USD .046 region to stick to the past trend. Note: You will need to wait for the selling price to react respectfully. This will only be a scalping strategy, so you ought to cease it when the selling price returns to the past peak.
EDU
1D chart of the EDU/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October 22, 2023
Next week, you can wait to invest in EDU yet again in the USD .388 – .39 assortment to hold it. This is the two a powerful assistance and a possible region to generate a head and shoulders (appropriate shoulder) pattern. The stoploss for this prolonged place is significantly less than $.37.
four. Macroeconomic information
This week there will be some notable information:
log into October 26, 2023at 03.35, Fed Chair Powell will give a speech. This is also crucial material that you will need to stick to to fully grasp the Fed’s path on financial policy in the close to long term.
Also on October 26, 2023, at seven:thirty pm, there will be facts on the very first information on US unemployment insurance coverage claims and gross domestic item GDP. This is all crucial facts that right has an effect on the USD.
In addition to the remarks over, you can participate channel 68 Trading to be constantly up to date with high quality trading ideas/commentary/betting from us. See you yet again in the upcoming posts!
