Review of last week’s trading plan
Hi guys, last week was quite difficult when even though the price followed the short plan, I personally did not enter the order and did not call short for you, so the profit was not much.
You can check last week’s plan:
The price result has gone relatively standard:
Last week, I also gave you 2 rafters to buy, DYDX and BLUR. DYDX price broke the channel and increased by more than 10%, then fell again because of the influence of BTC. BLUR I did not trigger a buy order because the price did not break the resistance creating a double bottom as expected.
In addition to the signals in the weekly fixed plan, 68 Trading also regularly calls many other quality bets on Telegram, so don’t forget to join our community right away to receive analysis, sharing and betting. It’s completely free!
Join the 68 Trading community now to receive more quality bets!
Bitcoin (BTC) analysis and commentary next week
If we don’t know what to do in the next few hours, we have a very bad candle cluster called bearish engulfing created from 2 candles last week. Currently, the price is still holding temporarily at the minor support zone at $21,500-22,000. This will be the price zone where I closely observe the reaction to make a decision to continue long or short next week.
Frame D shows us that a small downtrend (you will see it more clearly in the 4H frame) has formed. The trendline below temporarily supports the price but is quite weak. The EMA (89) – green is still below the EMA (200) – red and there is no sign of a breakout crossover yet. Therefore, in the coming days, I will watch to short when the price returns to the area of 23,000 USD. To be more sure, you can wait for the price to break the lower trendline + close below the support.
As we noted last week, BTC.D is still sideways in an isosceles triangle pattern. If you touch the bottom edge and bounce, it is possible that Altcoins will continue to “bleed”.
Some plans for Altcoins
OP has shown a clearer bearish signal. You can watch the price to return to the area of 2.55 – 2.62 USD and wait for a nice setup to short down.
Next week will have a lot of important news days, you need to pay close attention when trading:
March 7, 2023at 22:00 (Vietnam time), The Fed Chairman will prepare to confirm the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. The testimony has two parts; First is a prepared statement, then the committee conducts a question and answer session. The Q&A section of the testimony can see the dramatic volatility of the market over a long period of time.
This is the time frame that I personally think you should limit your trading because the price may be “twitched” very tight.
Next, March 8, 2023at 20:15 (Vietnam time), US to release nonfarm employment change data (ADP). If the actual data is higher than the forecast, it will be positive news for the USD and vice versa.
March 9, 2023, at 8:30 p.m., the US will release the Initial Jobless Claims data. This data will be quite important and have a direct impact on the USD. If the actual data is higher than the forecast, it will be negative for the USD and vice versa.
March 10, 2023at 20:30, the US will publish the data Non-farm (Non-Farm Payroll) of February. Non-Farm Payrolls measure the change in the number of people employed during the previous month, excluding the agricultural sector. Job creation is a leading indicator of consumer spending, which accounts for the majority of economic activity. If the actual data is higher than the forecast, it will be positive for the USD and vice versa.
In addition to the above comments, you can participate Channel 68 Trading to be constantly updated with our quality trading plans / judgments / bets. See you guys in the next posts!