68 Trading Plan (October 9 – October 15, 2023) – BTC Continues to Maintain Uncomfortable Upside Momentum
one. Review final week’s trading program
We also had some pretty prosperous transactions final week. Besides the DYDX signal with 1R cease reduction, we have some winning bets:
First, BTC’s extended program went rather nicely, the rate rebounded strongly right after breaking over the resistance mark of 27,a hundred.
Last week’s program:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October one, 2023
Result:
four-hour chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October eight, 2023
Furthermore, AVAX purchase and hold signal also accomplished complete revenue right after extra than two weeks:
1D chart of the AVAX/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October eight, 2023
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 October eight, 2023
This week’s candle is a sideways doji proper right after a past robust green candle. Normally, a doji tree will demonstrate marketplace hesitancy, but in this situation I am leaning in direction of the course the rate accumulates to proceed increasing, for two good reasons:
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The genuine important resistance is not right here but at 29,000 – thirty,000, and the rate tends to move back to this kind of regions for testing.
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Before the doji candle was a pretty robust bullish engulfing cluster, at the very same time the rate remained over the two EMA lines.
1D chart of the BTC/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October eight, 2023
Frame D exhibits us a clearer picture. BTC’s rise is stalled at the $28,200 region and is supported by the trendline beneath.
If you search extended, the ideal entry will be when the rate breaks over the resistance at USD 28,200 or at least retests the trend line.
On the contrary, if you are brief, you have to wait patiently for the rate to break out of the trend line and break the assistance in the USD 26,900 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 eight, 2023
I will nonetheless wait to lengthen a modest volume buy when the rate touches the trend line once more and check the assistance of the two EMA lines once more in the rate assortment amongst USD 27,200 and USD 27,300.
BTC.D
Bitcoin Dominance Index (BTC.D), screenshot from TradingSee on the evening of October eight, 2023
BTC.D is nonetheless incredibly bullish, with a large probability of reaching at least the 51-52% mark. Therefore, subsequent week we ought to only trade BTC and reduce Altcoin trading.
three. Some programs for Altcoins
This week pertaining to Altcoin, I will likely view DYDX and enter only if the rate has a correction close to the two line EMA of the 4H frame, which is close to one.9 – two. Stoploss will drop close to four – five% with get revenue ten – 15%.
four-hour chart of DYDX/USDT pair on Binance Futures, screenshot from TradingSee on the evening of October eight, 2023
four. Macroeconomic information
This week there will be some notable information:
October twelve, 2023at a single in the morning, The FOMC will publish the meeting minutes represents the FOMC’s place on financial policy.
Same day October twelve, 2023at seven.thirty pm, there will be two essential information at the very same time:
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Consumer Price Index CPI: it is an essential indicator that exhibits the inflation condition, genuine information increased than forecasts typically demonstrate positivity for the dollar and vice versa.
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First request for unemployment advantage: The real information is increased than forecast, displaying a damaging influence on the dollar and vice versa
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