68 Trading Plan (24/04 - 30/04/2023) – When Will Altcoin Season Arrive?
68 Trading Plan (24/04 - 30/04/2023) – When Will Altcoin Season Arrive?
Review of Last Week’s Trading Plan
- Previous Plan Review: 68 Trading Plan (17/04 - 23/04/2023) – Altcoin Season is Back!
Last week, our outlook predicted BTC would decline and move sideways, with a potential long setup for strong altcoins like ID and ARB.
Our BTC plan proved relatively accurate as BTC dropped, went sideways, and then fell sharply. However, altcoins didn’t outperform BTC as anticipated. Although the altcoins we were watching fell to support levels, they couldn’t generate strong buying pressure. It was perhaps fortunate that prices only fell and moved sideways last week.
Analysis and Outlook for Bitcoin (BTC) Next Week
1W Chart of BTC/USDT on Binance Futures as of April 23, 2023
As noted in previous plans, the $30,000 - $32,000 range is a strong resistance zone for BTC, prone to significant selling pressure when approached. Therefore, we refrained from buying BTC last week and focused on altcoins. The weekly candle showed strong selling pressure, completely engulfing the previous week’s green candle, with price slowing down as it approached the $27,000 support.
1D Chart of BTC/USDT on Binance Futures as of April 23, 2023
On the daily timeframe, we can see a clear fake-breakout pattern with $28,980 acting as strong resistance (price attempted to break through but failed and fell back). Thus, we could plan a short entry if the price retraces to this level.
Smaller Timeframe Plans:
4H Chart of BTC/USDT on Binance Futures as of April 23, 2023
Here are a few scalp plans for the smaller timeframe:
- Long Setup: Wait for the price to test support around $27,000 and show a bottom convergence to long. Targets for the long position are $28,200 and $28,900.
- Short Setup: Wait for the price to test $28,900 and form a setup to short.
- Breakdown Short: Look for a breakdown below $27,000 to continue adding to short positions.
BTC Dominance (BTC.D)
BTC Dominance Index (BTC.D) as of April 23, 2023
BTC.D is following our previous prediction, decreasing after a fake-breakout.
1D Chart of HIGH/USDT on Binance Futures as of April 23, 2023
I still believe ID will experience a recovery wave (either a bounce or a continuation of the trend). The price is moving within a downtrend channel (1H timeframe). My plan is to long at $0.67 (entry 1) and wait for a breakout of the downtrend line to add another position.
HIGH
4H Chart of HIGH/USDT on Binance Futures as of April 23, 2023
HIGH is also a promising token with potential growth, especially with its partnership with OpenCampus – Binance’s new IEO. Watch for a price correction after the initial uptrend to long.
Macro News
On April 27, 2023, watch out for two key updates:
- At 19:30 UTC, the US will release GDP data. Forecasts suggest this will be lower than previous figures.
- Also at the same time, the US will report initial jobless claims.
For ongoing updates and high-quality trade plans, analyses, and setups, join the 68 Trading channel. See you in the next updates!
