68 Trading Plan (03/19 – 03/26/2023) – Bull Trap or Uptrend?

Bitcoin has experienced a "wild" trading week, skyrocketing by 37% despite a wave of negative news. How will the world’s largest cryptocurrency move next before the Fed's interest rate adjustment mid-next week?

68 Trading Plan (03/19 – 03/26/2023) – Bull Trap or Uptrend?

Review of Last Week’s Trading Plan

Last week, just hours before the weekly candle closed, Bitcoin surged by over $3,000, making previous predictions in our plan obsolete. BTC has risen significantly this week, but without major adjustments, there’s no current plan for long positions.

See Also: 68 Trading Plan (03/13 – 03/19/2023) – What to Do Before the Market’s “FUD Frenzy”?

Bitcoin (BTC) Analysis and Forecast for Next Week

Weekly BTC/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

Last week’s candle, if it maintains its current momentum, indicates a strong bullish trend with a candle length of over 5,900 pips (27.38% increase from the opening price). This week’s candle also broke out above the previous resistance at $25,200. Therefore, our main view for next week should be to long with the trend.

3D BTC/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

On the 3D chart, there's a bearish divergence as the price makes new highs while the RSI creates lower highs. Hence, we should avoid long positions at current levels and wait for a price correction.

Plan 1:

Daily BTC/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

Wait for the price to revisit the support area (previously resistance) around $24,800 – $25,100 and then consider going long.

Plan 2:

Daily BTC/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

In this plan, if the price continues to consolidate sideways and then dumps below support, consider shorting after the dump and retest.

Notes:

• Watch the strong resistance around the $30,000 mark, which is about to be tested. Predicting Bitcoin’s medium-term trend is challenging right now, so I will focus on short-term scalping with tight stop-losses.
• This period is causing a lot of uncertainty and difficulty in decision-making. I am in the same boat, so I will only trade if the price follows the plan; otherwise, I’ll wait for a clearer signal.

BTC Dominance (BTC.D)

BTC Dominance (BTC.D) chart, screenshot from TradingView, March 19, 2023

BTC.D continues its upward trend strongly. It’s hard to expect significant growth from altcoins as capital is flowing into Bitcoin. Next week, we hope that with Bitcoin's potential correction, BTC.D might adjust, allowing altcoins to perform better.

Altcoin Plans

MINA

4H MINA/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

March has been a trend for ZK (Zero-Knowledge) assets, so I expect MINA to retest the support area at $0.68 along with Bitcoin’s correction. If the price respects this zone, consider going long.

LQTY

4H LQTY/USDT chart on Binance Futures, screenshot from TradingView, March 19, 2023

LQTY has shown weakness by breaking below the sideways range and closing candles under the $2.56 support. For next week, I’ll target LQTY for shorting with a potential target around $2.00 (the nearest support).

Macroeconomic News

Next week will feature two key news events:

• On March 23, at 01:00 AM (Vietnam time), the Fed will announce its latest interest rate decision. A 0.25% increase is anticipated.
• Also on March 23, at 07:30 PM, the US will release initial jobless claims data, projected at 199K.

For ongoing updates and high-quality trading plans/insights, join the 68 Trading channel. See you in the next updates!