68 Trading Plan (04/17 - 04/23/2023) - Altcoin Season is Back!
After a week where both Bitcoin and Ethereum set new highs for 2023, attention is now shifting to altcoins, with several names showing promising signs of rising.
68 Trading Plan (04/17 - 04/23/2023) - Altcoin Season is Back!
Review of Last Week’s Trading Plan
Last week, we had a scalp long plan for BTC if it revisited support in the sideways zone and a long plan for ARB. Both plans yielded positive results.
Review: 68 Trading Plan (04/10 - 04/16/2023) - Waiting for the Candle to Decide the Trend!
ARB Plan
4-hour chart of ARB/USDT on Binance Futures, screenshot from TradingView on 04/09/2023
Result: The trade achieved a profit of over 20% - 30% since entry.
BTC Scalp Long Plan
4-hour chart of BTC/USDT on Binance Futures, screenshot from TradingView on 04/09/2023
Reason for Scalp Long: Price tested the EMA 200 (red line) + confluence with sideways support.
Result: BTC surged nearly 3000 points from entry.
Analysis and Outlook for Bitcoin (BTC) Next Week
1-day chart of BTC/USDT on Binance Futures, screenshot from TradingView on 04/16/2023
Last week saw another strong move for BTC, as the price tested the support level of $26,670 (the lower range of the sideways zone), while also finding support at the EMA (89), before surging to $30,300 (almost a 4,000-point increase), and breaking through the upper resistance. Currently, the price is approaching a strong supply zone of $30,000 - $32,000 and is moving sideways without a significant drop.
The recent price increase for BTC was strongly supported by macro factors, with the CPI on April 14 coming in lower than expected, coupled with positive developments from Ethereum's Shanghai upgrade.
After breaking out of the sideways range, the price continued to rise and is now moving sideways. I expect BTC to continue this sideways movement for a while longer, which should allow altcoins to perform better.
Thus, BTC might remain in the range of $28,500 - $31,000 in the near term. Given this expected sideways movement for BTC, my focus will primarily be on altcoin pairs.
4-hour chart of BTC/USDT on Binance Futures, screenshot from TradingView on 04/16/2023
BTC.D
BTC.D attempted to break resistance but failed. The price created a classic fake-out pattern, and I expect BTC.D to continue to decline sharply in the near term.
Bitcoin Dominance (BTC.D) Index, screenshot from TradingView on 04/16/2023
Some Plans for Altcoins
ID
1-hour chart of ID/USDT on Binance, screenshot from TradingView on 04/16/2023
ID has seen a significant increase since last week (over 100% from the bottom). I will primarily look for long opportunities to ride the trend. My plan is to wait for a price adjustment to support levels at $0.76 and $0.65 (I personally prefer the $0.65 level, but the price may not correct that much). If the price reaches this area, keep an eye out for a good setup to go long with the trend.
ARB
1-hour chart of ARB/USDT on Binance, screenshot from TradingView on 04/16/2023
ARB also experienced strong growth last week. The plan here is to wait for a long opportunity. ARB’s chart looks quite strong as it moves sideways at support and EMA (89) in the $1.59 - $1.62 range. If the price holds above this zone, you can consider going long right away or wait for a break above the small resistance at $1.65. Support at $1.51 is the next level if the price fails to hold at $1.59 and $1.62.
AGIX
1-hour chart of AGIX/USDT on Binance, screenshot from TradingView on 04/16/2023
AGIX is also a token you can scalp long, with a pretty solid chart. The plan is to wait for the price to break out above the small resistance at $0.432 and then test and confirm it before considering a long position.
Macro News
On April 20, 2023, at 19:30 UTC, the US will release initial jobless claims and the Philadelphia Fed Manufacturing Index (April). This will be important news to watch. You might want to limit trading during this period to avoid potential volatility from BTC.
In addition to the above insights, you can join the 68 Trading channel to stay updated with continuous trading plans, analyses, and high-quality picks from us. See you in the next updates!
