Review of final week’s trading strategy
In strategy final week, we had a relatively right judgment in the 1st half when we predicted that BTC would move sideways in the USD 23,500 to USD 25,200 cost variety and continued to wait for an possibility to extended altcoins. Some extended/acquire spot bets have superior returns.
However, soon after that, the cost fell heavily and exited the sideway. Right now, we have to accept that the strategy is incorrect. So for now, I’ll depart you to prevent all extended bets and wait for a new strategy.
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Analysis and commentary on Bitcoin (BTC) subsequent week
Therefore, the cost failed to genuinely clear the weekly resistance (USD 24,200 region), but developed only two false breakouts. This is an essential signal that promoting in this cost variety is nevertheless overpowering acquiring.
In the D-frame we see some optimistic indicators as the cost stays over the 22,800 help and there is an uptrend line “support” beneath. Therefore, BTC cost might not proceed its downtrend but sideways in the coming days in the USD 22,800 – USD 24,000 variety.
At this stage, we will have two programs for BTC:
Floor one:
The cost bounced back to the $24,000-24,200 zone on weak volume, so a head and shoulders pattern is achievable and the cost will proceed to go back to the $23,000 degree and decrease.
In situation the cost breaks under the help and trend line, the cost may drop in the direction of USD twenty,000 – USD 21,600.
So with this strategy, we can shorten the input when:
- The cost returned to 24,000 – 24,200 and the acquiring energy weakened, the quick time frame appeared promote signals. This entry is early but will be extra risky.
- Price breaks decrease resistance and trend line then retests this region (someplace all over USD 22,800 – USD 23,000) => At that stage, the head and shoulders pattern will be confirmed.
Floor two:
This floor will move sideways in the USD 22,800 – USD 24,200 variety then respect the help and retest the trend line and bounce to proceed following the uptrend.
For this strategy to operate, we have to have two essential signals:
- The cost respects the $22,800 help and decrease trend line.
- The cost has jumped strongly to $24,200.
Therefore, our process now is largely to wait for the response in the essential USD 22,800 and USD 24,200 cost locations.
BTC.D
Like final week’s strategy, I imagine BTC.D is fairly bullish and you ought to near your positions for Altcoins. The cause is fairly understandable, when BTC.D goes like this, irrespective of whether BTC goes up or down, Altcoins are very terrible. Currently, BTC.D is sideways in the D band, we will not have numerous signals to speak about that suitable now. However, there is a higher likelihood that BTC.D might right somewhat and then break to proceed the earlier trend (increased probability).
Some programs for Altcoins
DYD extension
DYDX broke out of the W band and nevertheless displays respect for the previous resistance region (at present help, USD two.three). We have the suitable to imagine of a wonderful scenery soon after the DYDX sideway will proceed to maximize.
With DYDX you can area orders in accordance to the following two programs:
Floor one: The cost broke out towards the D-frame and trendline (the USD two.9 region) and then retested.
Floor two: The cost continued sideways and returned to the USD two.three – USD two.five zone the moment once more for liquidity.
In addition to technical examination, DYDX also advantages from it fud of Binance Australia for the duration of the arbitrary closure of traders’ positions. Again, the situation of trade decentralization is fairly concerned by the neighborhood.
BLUR
BLUR also has sufficient likely setup to trade on the 4H frame.
You can wait for the cost to break the resistance at $.88, then retest and enter a extended place. This setup will not get impact until eventually the cost manages to clear the $.88 zone.
Macro information
Next week there will be no huge information to view out for. You can target on two rather essential information under:
On February 28, 2023, at ten:00 pm (Vietnam time), the Conference Board (CB) will publish information on buyer lists. The increased the quantity, the increased the buyer self-confidence. If the information launched is increased than anticipated, it will be noticed as a optimistic trend for the USD and vice versa.
Later on March two, at twenty:thirty, the United States will release preliminary jobless claims information. If the real information is increased than forecast, it is damaging for the USD and vice versa.
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