68 Trading Plan (02/12 - 08/12/2024) - Adjustments will be made
1. Review of last week's trading plan
Last week was a very successful trading week as our hodl plan and just hodl plan have reaped quite large profits for most altcoins.
For BTC, we had a long scalping plan when the price returned to the $93,000 region, but this plan could not be activated as the price did not respect the $93,000 support:
4h chart of the BTC/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
For altcoins, in addition to the tokens I've been calling for you to hold from the beginning, we have additional plans for GRASS and XVS.
For GRASS, we managed to buy around $2.08, and we were quite lucky as this was the bottom, the price touched the entry and then rebounded very strongly with a profit margin of 50% - 80% that you have already taken.
1D chart of the GRASS/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
For XVS, we also had an entry when the price broke out, retested the support, and therefore the profit obtained was also quite significant:
1D chart of the XVS/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
2. Analysis and outlook for Bitcoin (BTC) next week
1M (monthly) chart of the BTC/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
The M frame has officially closed with an extremely bullish candle. Looking at this M candle, many people will have an idea of the next M candle also being as bullish as this one. However, you also need to note that BTC has been rising for 3 consecutive months, so there is a high probability that there will be some corrections at the beginning of December, before the price continues to rise again. We will try to find these corrections in smaller time frames.
1W chart of the BTC/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
The W frame shows a temporary weakness of the buying side as the previous week's candle, although still having a long wick, ended up as a red candle, meaning the selling side has dominated the buying side a bit. This makes me think that this week's candle could test the bottom of the previous week's candle again, around the $91,000 region. If the price respects this area and has a long wick, the market will still be stable, otherwise it will be quite difficult in the next 1-2 weeks.
1D chart of the BTC/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
With the above analysis, the D frame may follow the accumulation triangle pattern shown, meaning the price will test around $91,000 again and continue to consolidate for 1-2 cycles before showing a clear continuation or not.
In summary, you can wait for the price to return to around $91,000 to consider buying BTC and altcoins.
BTC.D
Bitcoin Dominance (BTC.D) index on the 3D frame, screenshot taken on the afternoon of 02/12/2024
As we planned last week, BTC.D continued to drop sharply this week. We will continue to expect BTC.D to dump back to the 50% region to create opportunities for altcoins to explode. However, before that, BTC.D may rebound to around 58%, and altcoins this week may bleed first before continuing to rise again.
3. Some plans for altcoins
ACE
3D chart of the ACE/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
For ACE, you can wait for the price to return to test the support around $2.6 - $2.7 to enter. The expected TP will be around $3.5 - $3.9.
SLERF
1h chart of the SLERF/USDT pair on Binance Futures, screenshot taken on the afternoon of 02/12/2024
For SLERF, we will try to take a bit of risk by catching the Dip around $0.25. You should note to only use small Volume and leverage for this order.
4. Macroeconomic news
In the coming week, there will be some notable news as follows:
- On Wednesday (04/12/2024), at 8:15 PM, there will be the ADP Non-Farm Employment Change data. If the actual data is higher than the forecast, it will be considered positive for the USD, and vice versa.
- On Thursday (05/12/2024), at 8:30 PM, there will be the Initial Jobless Claims data. If the actual data is higher than the forecast, it will be considered negative for the USD, and vice versa.
In addition to the above analysis, you can join the 68 Trading channel to be continuously updated on quality trading plans/analysis/setups.
