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68 Trading Plan (03/06 – 03/12/2023) – A Week of Volatility with Major News Events

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68 Trading Plan (03/06 – 03/12/2023) – A Week of Volatility with Major News Events

Review of Last Week’s Trading Plan

Hey everyone, last week was challenging. Although the price movements followed the short plan, I personally didn’t take any trades or call for shorts, resulting in minimal profits.

You can review last week’s plan here:

68 Trading Plan (02/27 – 03/05/2023) – Cautious Waiting for Price Reactions

Price Action Review:

Last week, I suggested two buy setups: DYDX and BLUR. DYDX broke its price channel and surged about 10% before retracing due to BTC’s influence. BLUR didn’t trigger a buy signal as it failed to break resistance and form the expected double-bottom pattern.

In addition to the fixed weekly signals, 68 Trading frequently provides quality trade calls on Telegram. Don’t forget to join our community to receive free analyses, shares, and trading signals!

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Bitcoin (BTC) Analysis and Outlook for the Coming Week

1W Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on March 5, 2023

If there are no significant movements in the coming hours, we have a bearish engulfing candle pattern formed from the last two weekly candles. Currently, the price is holding around the minor support zone of $21,500 – $22,000. This will be the key area to monitor for potential long or short decisions in the upcoming week.

The daily chart shows a minor downtrend (more visible on the 4H chart). The trendline below is providing some support but appears weak. The EMA (89) is still below the EMA (200) with no breakout crossover in sight. Therefore, I will look for short opportunities if the price retraces to around $23,000. For added confirmation, consider waiting for a break below the trendline and a close below support.

BTC.D (Bitcoin Dominance)

Bitcoin Dominance (BTC.D), Screenshot from TradingView on March 5, 2023

As we noted last week, BTC.D is still ranging within a symmetrical triangle pattern. A bounce from the lower edge could mean further downside for Altcoins.

Altcoin Plans

OP

4H Chart of OP/USDT on Binance Futures, Screenshot from TradingView on March 5, 2023

OP shows clearer bearish signals. Look for a price retracement to the $2.55 – $2.62 range and wait for a good setup to short.

Macro News

Next week will feature several significant news events, so be cautious when trading:

  • March 7, 2023, 22:00 (Vietnam Time): The Fed Chair will provide an economic outlook and recent monetary policy actions before the Joint Economic Committee in Washington, DC. The testimony includes a prepared statement followed by a Q&A session. Expect potential market volatility during this time.
  • March 8, 2023, 20:15 (Vietnam Time): The U.S. will release the ADP Nonfarm Employment Change. A higher-than-expected result would be positive for the USD and vice versa.
  • March 9, 2023, 20:30 (Vietnam Time): The U.S. will announce Initial Jobless Claims. This data is crucial and directly impacts the USD. A higher-than-forecast figure could be negative for the USD and vice versa.
  • March 10, 2023, 20:30 (Vietnam Time): The U.S. will release the February Nonfarm Payrolls report. This report measures changes in the number of employed people, excluding agriculture. Job creation is a leading indicator of consumer spending, a significant part of economic activity. A higher-than-expected figure would be positive for the USD and vice versa.

For additional updates on trading plans, analyses, and quality signals, join the 68 Trading Channel. See you in the next updates!

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