True to 68 Trading’s forecast last week, the Bitcoin price has undergone a sharp correction after weeks of hot gains. How BTC will be before a major macro event of February is the latest CPI announcement from the US, let’s find out!
Review of last week’s trading plan
Last week we were quite accurate about the BTC sideway then correcting. You can check out last week’s post below.
Plan for BTC last week:
In fact, the price corrected to the $21,400 zone and is currently sideways.
Besides correctly predicting the trend of BTC, 68 Trading also had quite a few wins shared on Channel 68 Trading as Litentry (LIT).
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Bitcoin (BTC) analysis and commentary next week
You can see that with the price failing to break the weekly resistance, BTC is having a hard time continuing to rally. This is a difficult time to make a judgment on whether the price can continue an uptrend or not. Personally, the price may once again retest the support (formerly resistance and broken) at the $20,900 area.
In frame D, we see selling has entered the market through a bearish daily candle with a very long body. However, the decline was halted as the price approached the $21,500 support and the EMA (89). However, after such a strong decline, it is difficult for BTC to bounce back immediately. In my opinion, the price may sideways in the next few days.
In the 4H frame, you can see that the 2 EMAs (89) and EMA (200) are starting to come back and approach each other => Support for the assessment, the price may continue sideways in the next 1-2 days and then break to break. identify trends.
In general, at this time, I will not choose to trade BTC because all the signals in the timeframes are not clear.
BTC.D is also sideways after a good drop for altcoins to pump. My plan will still be to see BTC.D decrease to 40-42%.
Some plans for Altcoins
HOOK is consolidating sideways and AO has shown a bottom converging signal. You can simply wait for the price to break out of resistance and go long. In my opinion, this order should only be scalping, not holding the order because the main trend is still down.
CELO you can wait long when the price reaches support around 0.78 – 0.8 USD + respect and nice setup. Stoploss when the price closes the 4H candle below the $0.751 area.
In the coming week, you will have to keep an eye out for a few notable news:
Day February 14, 2023at 20:30 (Vietnam time), US to release CPI. This is the data on the price index of consumer goods, clearly showing the inflation situation of the economy. According to the forecast, the data in this announcement is 6.2%, lower than the previous period.
Next, day 16/02/2023at 20:30 (Vietnam time), the US announced data on Apply for unemployment benefits for the first time with a forecast of 200,000, higher than the previous period. If the published data is higher than expected, it will be considered positive for the USD and vice versa.
At the same time of 20:30 on February 16, the US will also publish data on Producer Price Index PPI. This is a data on the price of goods sold by manufacturers, considered one of the effective tools to determine the state of inflation.
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