68 Trading Plan (September 25 – October one, 2023) – Limit trades when the market place runs out of liquidity
one. Review final week’s trading strategy
Last week the BTC lengthy strategy worked pretty nicely from the starting of the week, the value jumped over one,000 charges.
Last week’s strategy:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 17, 2023
Result:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
Furthermore, with AVAX getting into at 9 USD we are nevertheless in a lengthy place and are at present at a slight reduction. The prevent reduction at USD eight.five has not been reached but, so we will carry on to hold the place. The strategy for EDUUSDT can not be implemented when the value has not broken over the USD .46 resistance location.
four-hour chart of EDU/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
two. Analysis and commentary on Bitcoin (BTC) following week
1W chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
This week’s frame continues to demonstrate that USD 26,800 is a pretty vital resistance zone as the value has broken by but has been pushed reduce and may well shut under this zone. There will nevertheless be time for BTC to test to break out of this value assortment, but I personally assume this will have a reduced probability of taking place when present liquidity is also reduced. Overall, shopping for and marketing strain is nevertheless balanced.
1D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
In frame D you can see much more obviously a false breakout that occurred specifically like the former week. However, this time the false breakout seems “softer” as the value is at present just under the resistance and has not broken down strongly.
Over the weekend, market place liquidity was basically “dried up” when candlesticks hardly made major swings.
Another stage you need to have to note is that the two EMA lines (89) and (200) nevertheless act as resistance with the value rejecting a 2nd time when it touches these two lines.
Scalping strategy for BTC this week:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
For you there will be two ideas with unique activation disorders:
– Plan one: Wait for the value to return to the 26,900 assortment and brief down when the value continues to return under USD 26,900. This strategy will have a greater probability of winning when patterns this kind of as double tops are made.
– Plan two: wait for the value to break out and verify over USD 26,900, then go lengthy.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of September 24, 2023
Just like final week’s evaluation, BTC.D broke by the 49.9% mark and continued to rise, so you can see that Altcoin went very rough final week. This week, I count on BTC.D to drop somewhat to the black line, which is about 49.9%, and then carry on to rise.
three. Some ideas for Altcoins
AVAX
1D chart of the AVAX/USDT pair on Binance Futures, screenshot from TradingSee on the evening of September 24, 2023
The present AVAX place is somewhat adverse, the stoploss is nevertheless at the USD eight.five degree. Take your anticipated revenue in the assortment of ten.five – eleven USD, but at present it is pretty hard, given that liquidity is pretty much pretty bad, BTC.D can carry on to rise. Therefore, if you are anxious, you can wait for a draw or a slight reduction, I personally will nevertheless hold in accordance to the strategy.
four. Macroeconomic information
Last week, curiosity price information was as anticipated, staying the exact same and not increasing, so you can see there was pretty much no major market place response.
This week there will be some notable information:
September 28, 2023at seven:thirty p.m., the United States will announce the information Apply for unemployment advantages for the very first time. If the real information is greater than forecast, it will be regarded as adverse for the dollar and vice versa.
September 29, 2023at three:00, Fed Chairman Powell will communicate. This is also an vital discussion that demands to be paid awareness to. On the exact same day, at seven.thirty pm, core PCE value index will be announced. If real information is greater than forecast, it is regarded as optimistic for the dollar and vice versa.
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