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Trading Plan 68 (November 27 – December three, 2023) – Start with caution
one. Review final week’s trading approach
Last week, BTC continued to trade incredibly sideways. The BTC brief scalping approach could not be activated due to the fact the selling price did not break the assistance. However, we have two fantastic entries for altcoin, HOOK and an additional rewarding purchase, CAKE.
HOOK, we have to preserve the entry into the .9 zone in the medium phrase and so far the revenue has nevertheless reached pretty much ten%.
3D chart of the HOOK/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 2023
CAKE with the buy approach at two.five USD we also have some revenue. However later on due to negative information pertaining to the Binance had to spend a fine of $four.three billion and the resignation of CEO Changpeng Zhao, faced a US fine, which brought on tokens relevant to this ecosystem, which include CAKE, to plummet by up to 15%. Therefore, you could get rid of very a bit of revenue if you never shut it in time.
four-hour chart of the CAKE/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 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 November 26, 2023
Last week’s W frame continued to be a candlestick displaying hesitation (buildup) in the marketplace. With upper and reduce wicks and incredibly modest candle bodies, BTC was mainly sideways final week. However, now, the shopping for power is nevertheless a bit mind-boggling, assisting the reduce wick of the candle to retract and the entire body of the candle to flip green. However, you nevertheless will need it be incredibly cautious when for three consecutive weeks the selling price fails to break the resistance at USD 38,300 (three consecutive rejection wicks of three weekly candles).
To get a far more in depth see, let us analyze above a smaller sized time frame.
1D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 2023
You can see that now BTC nevertheless displays a clear sidebar with two rectangular boxes (representing two selling price ranges) appearing constantly. Furthermore, frame D presents us with some “risk” signals when the selling price generates larger highs but the RSI displays the opposite. This is also a indicator of “peak divergence”. Therefore, now you will need to be incredibly cautious and prepared for the marketplace adjustment situation.
Personally, I want a selling price approach to bounce and break the USD 38,300 selling price, then fall back and accurate to the reduce border, as proven over.
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 2023
To scalp correctly, with the examination in the substantial box over, you can wait to spot orders when the following two ideas come about:
Plan one: The selling price examined EMA 89 (yellow line), USD 36,800 region, which now supports 4H frame, greater and closed at USD 38,300.
Plan two: The selling price broke out at 38,300, then developed a false breakout, you went brief when you retested the resistance at USD 38,300 and took revenue at USD 36,000.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of November 26, 2023
As anticipated, BTC.D is only laterally inside of the array (gray box as proven). This is nevertheless a reasonably secure signal for altcoins. If BTC stays sideways this week, BTC.D breaks out and collapses, then altcoins will rise even greater.
three. Some ideas for altcoins
HOOK
Since this purchase is nevertheless pending, I will improve the approach for these who obtained at $.89 – $.9:
1W chart of the HOOK/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 2023
Currently, HOOK has solid resistance at one.05. If the selling price breaks over this resistance, you can re-enter one.05 and hold up to $one.5>
SUI
1D chart of the SUI/USDT pair on Binance Futures, screenshot from TradingSee on the evening of November 26, 2023
SUI is also a very wonderful altcoin. You see that the resistance at USD .63 has been broken and the selling price is retesting. If you are seeking for an altcoin that you can invest in spot, SUI USD .63 entry could possibly be a fantastic preference.
four. Analyze gold and some Forex currency pairs
Note: If you are finding out about Forex and want to locate a fantastic and reputable trading floor, you can refer to it Exness (You can use the 68 Trading website link to register, then the pm admin will be additional to the personal group).
Yellow
Last week we had a one of a kind approach for gold and the selling price carried out incredibly effectively as anticipated. You can view it yet again suitable beneath:
Last week’s approach:
four-hour chart of the XAU/USD pair, screenshot from TradingSee on the evening of November 19, 2023
Result:
four-hour chart of the XAU/USD pair, screenshot from TradingSee on the evening of November 26, 2023
Gold is now suitable at a incredibly critical resistance. Therefore, it is needed patient to have a fantastic entrance in accordance to approach.
four-hour chart of the XAU/USD pair, screenshot from TradingSee on the evening of November 26, 2023
If the selling price rises over USD 2002.495 and maintains this zone, you can carry on the earlier uptrend.
If the selling price generates a false breakout of USD 2002.495, our approach will be to remain on the sidelines or scalp (at this stage the selling price of gold will fall sideways).
five. Macroeconomic information
This week there will be some notable information:
In the day November 29the United States will announce the information Gross Domestic Product (GDP). This is simply just data that displays the health and fitness of the U.S. economic system. If the real information is larger than forecast, it will be constructive information for the dollar and vice versa.
Day November 30thdata on the information will be supplied at eight.30pm Apply for unemployment positive aspects. If the real information is larger than forecast, it will be negative information for the dollar and vice versa.
Weekends, days December 1st, at eleven pm there will be a speech by Fed President Jerome Powell. The content material of the speech will be the data you will will need to refer to.
In addition to the feedback over, you can participate channel 68 Trading to be continually up to date with high quality trading ideas/commentary/betting from us. See you yet again in the following posts!
