68 Trading Plan (February 13 – February 19, 2023): Sideways Action Awaiting U.S. CPI Data
As forecasted by 68 Trading last week, Bitcoin has undergone a significant correction after several weeks of strong gains. With a major macro event on the horizon—the release of the latest U.S. CPI data—let’s explore what’s next for BTC!
68 Trading Plan (February 13 – February 19, 2023): Sideways Action Awaiting U.S. CPI Data
Review of Last Week’s Trading Plan
Last week, our prediction that BTC would move sideways before a correction proved accurate. You can review our previous analysis below:
Check Out: 68 Trading Plan (February 6 – February 12, 2023) – Will BTC Correct?
Plan for BTC Last Week:
6H Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 5, 2023
In reality, the price corrected to around $21,400 and is currently moving sideways.
Besides accurately predicting BTC’s trend, 68 Trading also had several winning calls shared on the 68 Trading Channel, such as Litentry (LIT).
LIT +41% from entry at 1.07x after 5 days
In addition to the fixed weekly signals, 68 Trading frequently shares quality trading opportunities on Telegram. Don’t forget to join our community to get free analyses, insights, and trading signals!
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Bitcoin (BTC) Analysis for Next Week
1W Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 12, 2023
BTC is struggling to break the weekly resistance level, making it challenging to predict whether the price will continue its uptrend. Personally, I think the price might test the previous resistance-turned-support at $20,900 again.
1D Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 12, 2023
On the daily chart, we see selling pressure through a long bearish daily candle. However, the decline was halted as the price approached support at $21,500 and the EMA (89). Given such a strong drop, it’s unlikely BTC will bounce back immediately. I anticipate BTC may continue to move sideways in the coming days.
4H Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 12, 2023
On the 4H chart, the EMA (89) and EMA (200) are converging, suggesting that BTC might continue sideways for 1–2 more days before a breakout to determine the trend.
Overall, I wouldn’t trade BTC at this moment due to unclear signals across different timeframes.
BTC.D
BTC Dominance Chart, screenshot from TradingView on February 12, 2023
BTC.D is also moving sideways after a significant drop that allowed altcoins to pump. My plan remains to watch for BTC.D to decline to the 40–42% range.
Some Plans for Altcoins
HOOK
1H Chart of HOOK/USDT on Binance Futures, screenshot from TradingView on February 12, 2023
HOOK is currently moving sideways with accumulation and the AO (Accumulation Oscillator) is signaling a potential bottom. You can wait for a breakout above resistance and go long. I recommend scalping this trade rather than holding, as the overall trend remains bearish.
CELO
4H Chart of CELO/USDT on Binance Futures, screenshot from TradingView on February 12, 2023
For CELO, consider going long when the price reaches support around $0.78–$0.80 and shows a good setup. Set a stop-loss if the price closes a 4H candle below $0.751.
Macro News
Next week, keep an eye on these notable events:
- February 14, 2023, at 20:30 (Vietnam Time): U.S. CPI data will be released, reflecting the inflation situation. The forecast is 6.2%, lower than the previous release.
- February 16, 2023, at 20:30 (Vietnam Time): U.S. Initial Jobless Claims data will be announced, with a forecast of 200,000, higher than before. If the actual number exceeds expectations, it will be positive for the USD, and vice versa.
- At the same time on February 16, the U.S. will also release PPI (Producer Price Index) data, which reflects the price changes producers receive for goods and is a key inflation indicator.
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