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68 Trading Plan (11/28 – 12/04/2022) – Expecting a More Active Trading Week

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68 Trading Plan (11/28 – 12/04/2022) – Expecting a More Active Trading Week

Review of Last Week's Trading Results

Last week, we had two trading plans for Bitcoin and PEOPLE, but unfortunately, the price movements weren't sufficient to execute the plans.

BTC continued to trade sideways with minimal fluctuations. As anticipated, the price action was mainly active in the early days of the week. Later, with the Thanksgiving holiday in the US, price movements were almost non-existent.

Daily Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

With such minimal price fluctuations, we couldn't execute a short entry for BTC.

For PEOPLE, I expected a price dump in the context of BTC.D not supporting altcoins, which would allow us to buy at support and ride a bounce. However, the price didn't reach the entry zone.

Daily Chart of PEOPLE/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

Despite the lackluster performance last week and the absence of profits, staying on the sidelines during a sideways market can be considered a success and helps build patience.

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Trading Plan for This Week

Analysis and Outlook for Bitcoin (BTC)

Weekly Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

Currently, the $15,500 level is acting as support on the weekly chart for BTC. The price has bounced off this level twice. If nothing changes, this week’s candle might close as a bullish pin bar with a long lower wick. However, the market may not be very bullish, as the pin bar from the previous week is quite small compared to the preceding bearish candle. Due to this "discomfort," the market may struggle to rally immediately and might instead trade sideways, with a possible rise to the $17,500 – $18,000 range before declining again.

Daily Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

The daily chart doesn’t show much difference; the price is hovering between support and resistance, making it hard to assess. The EMA (20) (blue line) is descending and may flatten out soon. This reinforces the expectation of a sideways market next week.

If you want to scalp, here’s a suggested 4-hour trading plan:

4-Hour Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

The price is forming a sideways pattern in a triangle. I expect a breakout downward, testing liquidity at the support level around $16,000, and then a potential bounce. With this plan, you can:

  • Short when the price breaks out downward on the 15-minute chart.
  • Long when the price hits the $16,000 zone.

BTC.D (Bitcoin Dominance)

For BTC.D, I maintain the previous view, expecting a bounce at this support level. A rise in BTC.D could coincide with a Bitcoin price dump. We could anticipate an “altcoin season” if BTC.D creates a fake breakout and then drops back down.

Bitcoin Dominance Chart, Screenshot from TradingView on 11/27/2022

Some Plans for Altcoins

  • DOGE: DOGE has had a strong bounce on the 4-hour chart. My plan is to wait for a good setup to go long when the price reaches the $0.094 zone. This is a scalping trade, and you can set an alert on your app to wait for this price.

Hourly Chart of DOGE/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

  • CELO: CELO has a nice bullish weekly candle. Next week, I will wait for a pullback to the $0.579 or $0.534 levels to enter a buy position.

4-Hour Chart of CELO/USDT on Binance Futures, Screenshot from TradingView on 11/27/2022

Macro News

This week could see more market activity with some notable news:

  • November 29, 2022:
    • 8:30 PM (VN time): US GDP Q3 data will be released. This will provide insights into the current state of the US economy following the Fed's rate hikes.
    • 10:00 PM and 10:30 PM: Updates on pending home sales and US crude oil inventories. These are also key metrics for evaluating economic health and inflation.
  • December 1, 2022: At 1:30 AM, Fed Chair Jerome Powell will give a speech. Keep an eye on this speech for additional insights into the Fed’s final rate hike decision on December 14.

Conclusion

These are some personal trading plans and insights. I hope they offer you a useful perspective for trading better in the upcoming week. Don’t forget to join the 68 Trading group on Telegram to trade and chat with us!

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