68 Trading Plan (11/21 – 11/27/2022) – Continued Waiting
Review of Last Week’s Trades
DYDX
1D Chart of DYDX/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
The price subsequently retraced (1H frame) back to the entry point, and if you followed the plan, profits ranged from approximately 15% to 25% depending on your take-profit points.
1H Chart of DYDX/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
Bitcoin (BTC)
Regarding BTC, I’ve repeatedly mentioned that the price would likely move sideways within the $16,200 – $18,000 range.
Indeed, the price has been moving sideways as we predicted. The current range is very tight, with little significant movement for BTC. This is also why I’ve largely stayed out of trading this week.
4H Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
Trading Plan for This Week
Analysis and Outlook for Bitcoin (BTC)
After a large bearish candle, the price has been temporarily “held” with a green weekly candle. However, buying pressure remains weak as the market is still in a state of doubt following last week's dump.
1W Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
If this week’s candle closes around $16,500, it will further reinforce the view of an extended sideways market phase. The candle shows a small body with balanced upper and lower wicks, indicating that buying pressure is balanced with selling pressure.
1D Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
Currently, I anticipate a potential fake pump to the resistance around $18,000 – $18,200 for a short entry.
4H Chart of BTC/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
BTC.D (Bitcoin Dominance)
BTC.D continues to hold the support level. With Bitcoin’s sharp decline this week, BTC.D may rebound, which could make altcoins face more challenges. Therefore, it might be wise to limit altcoin trading in the near term.
We could anticipate an "Altcoin Season" if BTC.D creates a fake breakout and dumps back down.
Bitcoin Dominance Chart, Screenshot from TradingView on the evening of 11/20/2022
Altcoin Plans
PEOPLE
PEOPLE has been trading sideways within the $0.013 – $0.023 range for a while. I expect the price might drop back to the $0.013 level once more. If the price continues to respect this support, consider buying SPOT for a medium-term hold. With this entry point, our stop-loss will also be relatively tight.
1D Chart of PEOPLE/USDT on Binance Futures, Screenshot from TradingView on the evening of 11/20/2022
Macro News
This week, there are several macro events to watch:
- On November 23rd at 20:30 (Vietnam Time), the US will release initial jobless claims data. The same day at 22:00, new home sales data (October) will be released, followed by crude oil reserves data at 22:30.
- In the following days, the US will observe Thanksgiving, so I predict the market will experience relatively low volatility during the latter half of the week.
Summary
These are a few trading plans from my perspective. I hope this gives you additional insights to consider for the upcoming week. Don’t forget to join the 68 Trading group on Telegram to trade and chat with us!
