Bitcoin has had a “crazy” trading week, surpassing all expectations when it spiked up to 37% after a wave of bad news. How will the world’s largest cryptocurrency move before the Fed’s interest rate adjustment in the middle of next week?
Review of last week’s trading plan
Last week, the weekly candle, with less than a few hours to close, had a bounce of more than 3,000 USD in price, retreating, making all predictions in his plan become inaccurate. BTC has increased very strongly this week, but there has not been a major correction and therefore, I do not have a plan for you to follow.
Bitcoin (BTC) analysis and commentary next week
Last week’s candle, if there is no further movement, has shown a huge bullishness with a candle length of more than 5900 prices (up 27.38% from the opening price). This week’s candle also broke out of BTC’s old resistance at $25,200. So for next week our main view should be trending long.
In the 3D frame, you can see the peak divergence when the price makes a new high higher than the old one, but the RSI makes a new lower high => We should not go long at the current price but should wait for the price to correct.
Plan 1:
Wait for the price to retest the support (formerly resistance) zone, from around $24,800 – $25,100 and go long.
Plan 2:
In this Plan, The price continued sideways, then dumped strongly below the support => this plan you can short after the dump and check again.
Note:
– You need to pay attention to the very strong resistance at $30,000 that is about to be retested. It can be said that this period is quite difficult to predict the medium-term trend of BTC. Therefore, I will only focus on scalping on the short trend and tight stoploss.
– This is the stage that makes many people confused and find it difficult to decide. I am also among them, so if the price is according to the plan, I will trade, if not, I accept to ignore it and wait.
BTC.D
BTC.D has resumed its uptrend and is growing very strongly. Currently, it is difficult for us to expect altcoins to grow well as capital is being sucked through BTC. In the following week, we hope that along with BTC’s downward correction, BTC.D can correct for better altcoin growth.
Some plans for Altcoins
MINA
There is a ZK trend in March, so I expect with the correction of BTC, MINA can retest the support area at 0.68 USD. If the price respects this zone, I will go long.
LQTY
LQTY showed weakness as it broke out of the sideway and closed below the $2.56 support. In the next week, to short, I will choose LQTY and the best possible target is the 2u zone (nearest support at the bottom).
Macro news
Next week, there will be 2 important news that you must pay special attention to:
March 23at 01 am (Vietnam time), The Fed will announce the interest rate decision. As expected, the interest rate will increase by 0.25%.
Also on March 23, at 19:30, the US will publish the first unemployment benefit claims data. This round’s figures are forecast at 199K.
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