68 Trading Plan (16/01 – 22/01/2023) – Patience is Key
Last week was exceptionally eventful, with BTC surging by 5000 points and many altcoins also experiencing significant gains. For those who followed the spot and futures signals from 68 Trading, it was a profitable period. Now, with BTC making such a strong move, should we buy at these levels or wait? Let’s outline the plan!
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Review of Last Week’s Trading Plan
Review: 68 Trading Plan (09/01 – 15/01/2023) – BTC Continues Sideways, Seeking Opportunities in Altcoins
Last week, we had three plans for BTC, DOT, and OP. The short plan for BTC didn’t work out as the price didn’t drop as anticipated. The plan for OP followed the correct trend (Long), but the price didn’t retrace to the entry point we hoped for. Only the DOT plan followed through and was successful.
DOT Plan Results:
DOT surged by over 30%.
Chart: 4H DOT/USDT on Binance Futures as of the evening of January 15, 2023
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Bitcoin (BTC) Analysis and Forecast for the Upcoming Week
Chart: 1W BTC/USDT on Binance Futures as of the evening of January 15, 2023
After several weeks of sideways movement, the price has officially broken out upwards. If nothing changes, this week’s green candle will close with a strong buy signal (large, long candle standing out compared to previous candles, effectively neutralizing the selling pressure from the previous bearish candle).
However, be cautious as the price is approaching a significant resistance level ($22,500). It’s advisable not to FOMO (Fear of Missing Out) at this level but to patiently wait for a significant pullback.
Therefore, the appropriate strategy moving forward is to buy on dips.
Chart: 1D BTC/USDT on Binance Futures as of the evening of January 15, 2023
The daily chart provides better price levels to wait for. You can simply wait for the price to retest the broken resistances. The two key levels to watch are $19,500 and $18,300. Particularly, the $18,300 level is crucial; if the price revisits this level, consider buying with a larger volume due to the high probability of a strong reaction.
Chart: 4H BTC/USDT on Binance Futures as of the evening of January 15, 2023
In the 4H chart, BTC is currently moving sideways within a triangle pattern. Given the strong bullish wave, there’s a chance the price could break out upwards. However, buying at this level seems quite risky. If you want to engage, consider scalping.
Two Scalping Plans for BTC:
- Wait for a breakout and retest to go long (scalping), and then short when the price approaches strong resistance.
- Wait for a breakout downwards, break the support, and then short.
Altcoin Plans
SOL
The daily chart for SOL shows strong buying pressure. The plan is to wait for a buying opportunity at support levels ($16 – $18 USD).
Chart: 1D SOL/USDT on Binance Futures as of the evening of January 15, 2023
The 4H chart for SOL also indicates the potential formation of a Head and Shoulders pattern, so avoid FOMO at this time.
Chart: 4H SOL/USDT on Binance Futures as of the evening of January 15, 2023
DOGE
Meme coins haven’t yet exploded in this wave, so you can look for dips to long these coins. For DOGE, the 4H chart shows a clear uptrend structure, with the price respecting support and following the EMA 20 (blue line) nicely. The plan for DOGE is to buy at current levels with a stop-loss below $0.082 USD.
Chart: 4H DOGE/USDT on Binance Futures as of the evening of January 15, 2023
Macro News
The market might experience volatility with several important news events next week:
- January 18 (20:30 GMT): The US will release December’s PPI and retail sales data. These are significant indicators, and USD volatility could impact assets tied to it like gold or BTC. The PPI for December might come in lower than before.
- January 19 (20:30 GMT): The US will report initial jobless claims data. Forecasts suggest higher unemployment claims. Additionally, at 23:00 GMT, the US will announce crude oil inventory data. If you’re trading oil or energy-related products, keep an eye on this news.
Conclusion
This overview presents some trading plans from my personal perspective. I hope it provides you with valuable insights for better trading in the upcoming week. Wishing you a prosperous and joyful New Year!
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