W3BStation
Markets
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
02/25/2023

68 Trading Plan (27/02 – 05/03/2023) – Cautiously Awaiting Price Reactions

68 Trading Plan (27/02 - 05/03/2023) – Cautiously Awaiting Price Reactions Review of Last Week's Trading Plan Last week, our plan accurately predicted that BTC would trend sideways within the range of $23,500 to $25,200 and we anticipated opportunities to go long on altcoins. Several long/buy spot trades yielded good profits. However, prices eventually dumped sharply and broke out of the sideways range. At this point, we had to accept that the plan was invalid. Therefore, we temporarily advis

68 Trading Plan (27/02 – 05/03/2023) – Cautiously Awaiting Price Reactions
68 Trading Plan (27/02 - 05/03/2023) - Cautiously Awaiting Price Reactions

68 Trading Plan (27/02 - 05/03/2023) – Cautiously Awaiting Price Reactions

Review of Last Week's Trading Plan

Last week, our plan accurately predicted that BTC would trend sideways within the range of $23,500 to $25,200 and we anticipated opportunities to go long on altcoins. Several long/buy spot trades yielded good profits.

However, prices eventually dumped sharply and broke out of the sideways range. At this point, we had to accept that the plan was invalid. Therefore, we temporarily advised members to halt all long positions and await a new plan.

In addition to the fixed weekly signals, 68 Trading regularly shares high-quality trade calls on Telegram. Make sure to join our community to receive free analysis, insights, and trade signals!

Join the 68 Trading community for more quality trade setups!

Bitcoin (BTC) Analysis for the Upcoming Week

Price has failed to break out convincingly from the weekly resistance level (around $24,200), resulting in two fake breakouts. This indicates that selling pressure at this level still outweighs buying interest.


1W Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 26, 2023

On the daily chart, we see some encouraging signs — price is holding above support at $22,800 with a rising trendline below. As a result, BTC may continue to consolidate within the $22,800 – $24,000 range in the days ahead.


1D Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 26, 2023

We have two plans for BTC:

Plan 1:

    • Price returns to the $24,000 – $24,200 zone and buying pressure fades, with sell signals appearing on lower timeframes. This entry is early and carries higher risk.
    • Price breaks below support and the trendline, then retests that level (around $22,800 – $23,000). This would confirm the Head and Shoulders pattern.

Price rebounds into the $24,000 – $24,200 zone on weak volume. A Head and Shoulders pattern could form, leading to a reversal back toward $23,000 or lower.


1D Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 26, 2023In this scenario, we could enter a short position when:

Plan 2:

    • Price respects the $22,800 support and the lower trendline.
    • Price breaks above $24,200 with conviction.

Price consolidates within the $22,800 – $24,200 range, holds support, retests the trendline, and then resumes the uptrend.


1D Chart of BTC/USDT on Binance Futures, screenshot from TradingView on February 26, 2023For this plan to activate, we need two critical signals:

Our primary focus right now is to wait for price reactions at the key levels of $22,800 and $24,200.

BTC Dominance (BTC.D)


BTC Dominance Chart, screenshot from TradingView on February 26, 2023

As outlined in last week's plan, BTC.D remains in an uptrend and it's advisable to reduce altcoin exposure. The reasoning is straightforward: whether BTC moves up or down, altcoins tend to underperform when BTC.D is rising. Currently, BTC.D is moving sideways on the daily chart with limited signals. That said, BTC.D may see a minor pullback before breaking higher to continue its prior trend — this remains the higher-probability scenario.

Altcoin Plans

DYDX


1W Chart of DYDX/USDT on Binance Futures, screenshot from TradingView on February 26, 2023

DYDX has broken through resistance on the weekly chart and is now respecting the old resistance level as support at $2.3. A potential breakout could be in the cards once DYDX finishes consolidating.

For DYDX, consider the following plans:

Plan 1: Price breaks above the daily resistance and trendline (around $2.9), then retests.

Plan 2: Price continues to consolidate and pulls back into the $2.3 – $2.5 range to grab liquidity.


1D Chart of DYDX/USDT on Binance Futures, screenshot from TradingView on February 26, 2023

Beyond the technical picture, DYDX is also getting a tailwind from the recent FUD surrounding Binance Australia's forced closure of trader positions. The push toward decentralized exchanges remains a significant narrative in the community.

BLUR

BLUR also has a promising setup on the 4H chart.


1D Chart of BLUR/USDT on Binance Futures, screenshot from TradingView on February 26, 2023

Wait for a breakout above the $0.88 resistance followed by a retest before entering a long. This setup is invalidated unless price breaks cleanly above $0.88.

Macro News

There aren't many major catalysts on the calendar next week. Keep an eye on these two key releases:

  • February 28, 2023, at 22:00 (Vietnam time): The Conference Board (CB) releases Consumer Confidence data. A higher reading signals stronger consumer confidence. A beat is bullish for the USD; a miss is bearish.
  • March 2, at 20:30: The US releases Initial Jobless Claims data. A higher-than-expected print is bearish for the USD; a lower print is bullish.

Beyond the analysis above, you can join the 68 Trading Channel for ongoing trading plans, market insights, and quality trade signals. See you in the next update.