68 Trading Plan (Apr 24–30, 2023) – When Will Altcoin Season Arrive?
68 Trading Plan (Apr 24–30, 2023) – When Will Altcoin Season Arrive? Review of Last Week's Trading Plan * Previous Plan Review: 68 Trading Plan (Apr 17–23, 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 alt
68 Trading Plan (Apr 24–30, 2023) – When Will Altcoin Season Arrive?
Review of Last Week's Trading Plan
- Previous Plan Review: 68 Trading Plan (Apr 17–23, 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 pulled back to support levels, they couldn't generate strong buying pressure. In hindsight, it was fortunate that prices only drifted lower and consolidated last week.
Bitcoin (BTC) Analysis and Outlook for Next Week
BTC/USDT 1W Chart – Binance Futures, 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. For that reason, we stayed out of BTC last week and focused on altcoins instead. The weekly candle showed heavy selling pressure, fully engulfing the prior week's green candle, with price slowing down as it approached the $27,000 support level.
BTC/USDT 1D Chart – Binance Futures, April 23, 2023
On the daily timeframe, there's a clear fakeout pattern, with $28,980 acting as strong resistance — price attempted to break above it but failed and reversed. This sets up a potential short entry if price retraces back to that level.
Lower Timeframe Plans:
BTC/USDT 4H Chart – Binance Futures, April 23, 2023
A few scalp setups on the lower timeframe:
- Long Setup: Wait for price to test support around $27,000 and show bullish convergence before entering long. Targets: $28,200 and $28,900.
- Short Setup: Wait for price to retest $28,900 and form a short entry signal.
- Breakdown Short: Look for a confirmed breakdown below $27,000 to add to short positions.
BTC Dominance (BTC.D)
BTC Dominance Index (BTC.D) – April 23, 2023
BTC.D is playing out in line with our earlier prediction, pulling back after a fakeout to the upside.
HIGH/USDT 1D Chart – Binance Futures, April 23, 2023
I still believe ID is set up for a recovery wave — either a bounce or a trend continuation. Price is currently moving within a descending channel on the 1H timeframe. My plan is to long at $0.67 (first entry) and wait for a breakout above the downtrend line to add to the position.
HIGH
HIGH/USDT 4H Chart – Binance Futures, April 23, 2023
HIGH is another token worth watching, with solid upside potential — especially given its partnership with OpenCampus, Binance's latest IEO project. Wait for a pullback after the initial pump to find a long entry.
Macro News
On April 27, 2023, keep an eye on two key data releases:
- At 19:30 UTC, the US will release GDP data. Consensus estimates point to a reading below the previous figure.
- At the same time, the US will also 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 update!