The crypto market has just had a week of great volatility, stemming from a wave of bad news that came simultaneously, as well as the severe depeg of the second-largest stablecoin USDC. So what to do next when the US will announce February CPI next week?
Review of last week’s trading plan
Hi guys, last week we continued to short view BTC and altcoins. Both of these views are relatively accurate when last week BTC and Alt both dumped very strongly before the continuous bad news related to the Silicon Valley Bank collapses and USDC loses peg.
You can check again last week’s plan for BTC:
The price result has gone relatively standard:
Plan short OP:
Result:
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Bitcoin (BTC) analysis and commentary next week
Thus, with this week’s red candle, BTC created a very strong reversal pattern with 3 “full force” red candles and completely broke the previous green candle. This will be an important sign for us to choose the main short plan in the near future.
In frame D we have a pretty clear downtrend structure. Here, I have 2 plans for you to follow in the medium term.
Plan 1:
BTC price broke two supports at $21,600 and $20,600. In this Plan 1, the price will sideway, then bounce to retest the $21,600 area, we will short entry when the price rejects this zone (now acting as resistance).
Plan 2:
The price was sideways and could only retest the resistance at $20,600 then continued to decline. With this plan, you can enter short when you see signs of rejection in the smaller time frame (4H, 1H) at $20,600 or wait for the price to break out of the lower range and then short.
BTC.D
BTC.D failed to hold the sideway in the triangle but broke out down. If the support at 42.88% breaks, BTC.D can continue to find 42.19% and 40%. In the context of BTC falling, this will cause altcoins to drop very sharply.
Some plans for Altcoins
OP
OP has 2 nice support and resistance levels at 1.60 (support) and 2.19 (resistance). However, the 4H frame currently has the main trend of downtrend, so if scalping, I will mainly short according to the plan as below:
Macro news
Next week, there will be two particularly important news that you must pay special attention to:
March 14, at 19:30 (Vietnam time), The US will publish the CPI for February 2023. The Consumer Price Index (CPI) is a metric used to reflect inflation. According to forecast, announced CPI is 6%, lower than the previous period.
On March 16, at 10:30 am, the US announced the data Applying for unemployment benefits for the first time. According to the forecast, this period’s data is 205K, lower than the previous period (211K).
Besides the above news, as I said at the beginning of the article, USDC’s loss of peg is currently very interesting and can have a big impact on the market. Therefore, you need to pay close attention to the news around USDC and Circle.
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