68 Trading Plan (Feb 20 – Feb 26, 2023) – Market Remains Bullish
Following the recent US CPI data release, BTC prices have surged and are currently trading sideways around $24,500. Last week’s plan to buy altcoins proved successful, with numerous wins across the ZK, LSD (Lido), and DOT ecosystems.
Let's dive into the analysis and trading plan for the upcoming week!
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Bitcoin (BTC) Analysis for the Week Ahead
Weekly Chart Analysis (BTC/USDT on Binance Futures)
Screenshot from TradingView, February 19, 2023, 11:00 PM
After being rejected at the critical $24,000 resistance level over the past two weeks, BTC has shown a strong rebound. This might be a significant indicator for a potential continued uptrend. If the weekly candle closes at this price level, we could see a bullish engulfing pattern. A full-bodied candle (without upper wicks) would provide a clearer buy signal.
Daily Chart Analysis (BTC/USDT on Binance Futures)
Screenshot from TradingView, February 19, 2023, 11:00 PM
On the daily chart, we’ve observed a divergence where the price created a higher high, but the AO indicator made a lower high. This divergence might signal a potential price correction or reversal. However, this is just the first divergence; BTC could form one or two more before any significant shift. Be cautious with short positions and more diligent with long trades.
The 4-day candle cluster shows a decrease in BTC's upward momentum after breaking through significant resistance. We have a price range of $23,300 – $25,200, and BTC is likely to trade sideways within this range over the next few days (marked in the box).
4-Hour Chart Analysis (BTC/USDT on Binance Futures)
Screenshot from TradingView, February 19, 2023, 11:00 PM
For those trading BTC, you might consider long/short trades at resistance levels in these timeframes to play the sideways movement or simply wait for a breakout in either direction.
Bitcoin Dominance (BTC.D)
Screenshot from TradingView, February 19, 2023, 11:00 PM
BTC.D remains quite bullish, making it challenging for altcoins to perform well. Consider taking profits or reducing positions in altcoins.
Altcoin Plans
NEAR
Daily Chart Analysis (NEAR/USDT on Binance Futures)
Screenshot from TradingView, February 19, 2023, 11:00 PM
NEAR has been consolidating for a while and is currently accumulating just below the crucial $2.60 resistance. You can consider buying at this price level or wait for a 4-hour candle close above $2.60 before entering. Target prices for NEAR are $3 – $3.20.
Macro News
In the coming week, keep an eye on these notable events:
- February 23, 2023, 02:00 AM (Vietnam Time): The FED will release the FOMC minutes. These minutes provide a detailed record of the committee’s policy-setting meeting and offer deep insights into the FOMC’s stance on monetary policy, often scrutinized by forex traders to predict future interest rate decisions.
- February 23, 2023, 08:30 PM (Vietnam Time): The US will release initial jobless claims data. Forecasts suggest this figure may be higher than the previous report.
- February 24, 2023, 08:30 PM (Vietnam Time): The US will publish the Core PCE Price Index data. The PCE Index measures changes in prices of goods and services purchased by consumers, excluding food and energy. It’s a key indicator for tracking purchasing trends and inflation.
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