68 Trading Plan (12/12 – 18/12/2022) – FED Rate Decision: Where Will the Market Go?
It’s that time again—welcome to the weekly trading plan with 68 Trading. Last week was quite frustrating as BTC continued to range and was impacted by macro news, causing significant stop-loss hunting. Nonetheless, we managed to find some quality trades. Let’s review last week’s trades and plan for the upcoming week!
Review of Last Week’s Trades
BTC Plan
4-hour BTC/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
Last week’s plan for BTC was to wait for a breakout, respect the $17,100 level for a long position, and then short at around $18,000. While BTC did break out, it failed to respect the level and continued to range, so this plan did not work.
AVAX Plan
4-hour AVAX/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
AVAX showed a strong upward move, respecting the trendline and EMA 20. I anticipated a pullback to $13.27 for a long entry, with a stop loss at $12.826. If the price continued to rise, I planned to short at the strong supply zone around $14.8.
Results:
4-hour AVAX/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
We successfully entered a buy position and achieved a 7% profit (excluding leverage). Unfortunately, the price did not reach the short entry zone.
OP Plan
Trade Plan: Buy OP at $1.04
4-hour OP/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
Results:
1-hour OP/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
By midday on December 11, OP hit the buy entry and yielded a small profit. You can choose to hold or take partial profits if desired.
Join the 68 Trading community for more quality trades!
Trading Plan for This Week
Bitcoin (BTC) Analysis and Outlook
Weekly BTC/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
Despite BTC’s recent breakout above the $17,100 resistance, it failed to sustain the breakout and was rejected, forming an upper wick. BTC is currently ranging at this support level, making it a "painful" moment. Therefore, it might be wise to sit out and wait for clearer opportunities next week.
Daily BTC/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
You can see the tight range in Bitcoin’s daily chart from last week. The price was stagnant, which is frustrating, especially since it occurred at a resistance zone. Currently, there is no effective trading plan for BTC on the daily timeframe.
If you’re looking to scalp, I suggest the following 4-hour plan:
4-hour BTC/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
Wait for a short opportunity when:
- The price breaks below the diagonal trendline as shown above.
- The price breaks below the $16,800 support and successfully retests it.
BTC Dominance (BTC.D)
BTC Dominance chart on TradingView, screenshot from December 11, 2022
For BTC.D, I maintain my previous view, expecting it to bounce at this support level. A rise in BTC.D might coincide with a Bitcoin price dump. We could anticipate altcoin seasons if BTC.D creates a fake breakout and dumps back down.
Altcoin Plans
BNB
4-hour BNB/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
BNB is showing a good corrective wave within a wedge. You might wait for a dip to the $273 level to buy or long if the price respects this support zone.
LINK
4-hour LINK/USDT chart on Binance Futures, screenshot from TradingView, December 11, 2022
Last week, we had a great short setup for LINK (shared on 68 Trading Telegram). This week, if LINK breaks the $6.71 support, it might continue to drop to $5.5. Plan to wait for a break below $6.71, retest, and then enter short.
Macroeconomic News
This week could be more volatile with several significant news events:
- December 13, 2022, 8:30 PM (Vietnam Time): The U.S. will release the November CPI index, a key measure of inflation.
- December 14, 2022, 10:30 PM (Vietnam Time): The U.S. will announce crude oil inventory data, impacting oil prices and indirectly affecting other commodity prices.
- December 15, 2022, 2:00 AM (Vietnam Time): The FED will announce its final interest rate decision for 2022. This is the most crucial news of December and could significantly impact the financial markets, including BTC.
Conclusion
These are my personal trading plans and insights. I hope they offer you a useful perspective for better trading next week. Don’t forget to join the 68 Trading group on Telegram to trade and chat with us!
