68 Trading Plan (01/23 – 01/29/2023) – Is It “Alt Season”?
While celebrating the Lunar New Year, let’s not forget our trading plans for the upcoming week!
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Review of Last Week’s Trading Plan
Recap: 68 Trading Plan (01/16 – 01/22/2023) – Patience is Key
Last week, we had 3 plans for BTC, DOGE, and SOL. Out of these, the plans for BTC and DOGE were activated, while the SOL plan couldn't be executed due to an entry mismatch. Let’s review the BTC and DOGE plans.
BTC Plan
We had 2 scalping plans for BTC depending on the breakout direction and price movement after the sideways phase:
BTC broke out upwards and surpassed our target take-profit zone of $22,000.
DOGE Plan
Our buy plan for DOGE initially yielded a 5% profit but then hit the stop-loss as the price retraced. Currently, DOGE remains in a sideways trend and has not yet broken through resistance to rally again.
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Bitcoin (BTC) Analysis for Next Week
BTC did not adjust as we hoped but continued to rise last week, reaching $23,300. For three consecutive weeks, BTC has formed bullish candles, indicating a strong potential reversal. However, I maintain that we should wait for a price adjustment before entering, as we are nearing the next resistance level of $24,200.
1W Chart of BTC/USDT on Binance Futures, screenshot from TradingView, January 22, 2023
Therefore, the appropriate strategy is to look for buying opportunities during price retracements on shorter timeframes.
On the daily chart, the strong buying pressure is evident, with minimal significant corrections, just sideways movement followed by further increases. The two candles at the end of this week show market hesitation (sideways) with long wicks. This hesitation is understandable given BTC's prolonged bearish trend, so the current bullish move may not be enough to convince many to FOMO in.
1D Chart of BTC/USDT on Binance Futures, screenshot from TradingView, January 22, 2023
Next week, BTC is likely to either remain sideways or experience a slight adjustment. The price may consolidate in the range of $22,400 – $23,400.
4h Chart of BTC/USDT on Binance Futures, screenshot from TradingView, January 22, 2023
So, you can consider going long if the price hits the lower range ($22,400) and shows a favorable setup, or wait for a breakout above the resistance at $23,400.
BTC Dominance (BTC.D)
Finally, after a long time, BTC.D has reached weekly resistance. If you’ve been following Coin68’s plans, you’ll recall frequent mentions of this resistance zone. There is a high chance BTC.D could decline from here, which, combined with BTC's sideways movement, could create conditions for many altcoins to pump.
BTC Dominance Chart, screenshot from TradingView, January 22, 2023
Altcoin Plans
DOGE
DOGE remains a coin of interest and expectation. The price has been sideways under the crucial resistance of $0.088 for quite some time. You can either buy at this level or wait for a clear breakout above the downtrend line and resistance at $0.088 to go long.
4h Chart of DOGE/USDT on Binance Futures, screenshot from TradingView, January 22, 2023
AVAX
AVAX has broken through a significant resistance level. You can consider going long or buying to follow the market trend.
4h Chart of AVAX/USDT on Binance Futures, screenshot from TradingView, January 22, 2023
Macro News
On January 26, 2023, at 20:30, the U.S. will release two important figures: Q4 GDP and initial unemployment claims. It is expected that the Q4 GDP could be lower than previously forecasted, and initial unemployment claims may rise—both of which are negative for the USD.
Conclusion
These are some trading plans from my perspective. I hope this gives you additional insights to trade better in the coming week. Wishing you a New Year filled with joy and success!
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