68 Trading Plan (April 29 - May 5, 2024) - Sideway waiting for interest rate news
1. Review last week's trading plan
Last week we had a short Longing scalping plan for BTC:
1h chart of the BTC/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 21, 2024
Result: Price bounced up 2,000 USD after breaking resistance.
1h chart of the BTC/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
Regarding altcoins, last week we had 2 plans for BOME and AEVO. BOME still cannot match the entry, however AEVO has matched around the price range of 1.35 - 1.7 USD:
1D graph of the AEVO/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
You can see the price is still around the Medium entry we bought. I will continue to hold AEVO until the price returns to at least above 2.5 USD.
2. Analysis and commentary on Bitcoin (BTC) next week
1W chart of the BTC/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
Frame W still doesn't have too many differences compared to previous weeks. The price is still respecting the $63,000 support zone, still mostly pointing sideways. Buyers are still trying to hold this support to continue the trend. This week's candle has quite small candle body and shadow, reflecting the current market situation: sideways and not much volume.
The main reason is probably because the market is unpredictable and is at a rather sensitive peak area. Investors need more confirmation from the market or strong enough news.
1D graph of the BTC/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
The sideway continues to show more clearly in frame D: Green and red candles alternate and do not show that the buyers or sellers are overwhelming.
However, this time, the sideway range has narrowed as the price moved sideways from 62,000 - 66,000 USD. You can see that the sideway amplitude is gradually narrowing => it may be time for the price to have an important break out.
4-hour chart of the BTC/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
With the major time frames showing a sideways market, the best thing to do is wait for a clearer trend. Next week, I only have one plan: if BTC breaks out of the 67,000 USD area, we will buy up and close at around 73,000 USD.
BTC.D
Bitcoin Dominance Index (BTC.D) frame 1W, screenshot of TradingView on the evening of April 28, 2024
Last week, we viewed BTC.D in the medium term with 2 plans: touching the 59% area one more time and then dropping sharply or falling sharply from the last touch without re-testing. In fact, BTC.D followed the second plan.
Therefore, this will be an opportunity for us to continue buying and holding Altcoin. When BTC recovers, Altcoin will have very good growth.
3. Some plans for altcoins
BOME
4-hour chart of the BOME/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
Last week, BOME's plan still could not be activated. Therefore, this week we will continue to wait for the price to touch the buying zone. I will Chia Capital into 30% and 70% to buy in 2 price ranges of 0.0093 and 0.0075 USD.
STRK
4-hour chart of the STRK/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
STRK also showed buying pressure when there was a slight Bull-run today. Besides, RSI also shows a Dip divergence signal, so you can buy this Token dip around the price range of 1.2 - 1.24 USD and wait.
W
12-hour chart of the W/ USDT pair on Binance Futures, screenshot of TradingView on the evening of April 28, 2024
Chart Wormhole is also accumulating quite nicely around the 0.5 - 0.6 USD area. Those who have had good entries from last week can continue to hold. If anyone does not have an entry yet, you can buy around this price range.
4. Macro news
This week there will be quite a lot of important news:
First, on Wednesday, May 1, at 19:15 (Vietnam time), there will be news about the April ADP non-agricultural employment change data. If the published data is higher than the forecast, it will be Positive news for the USD and vice versa.
Next, on Thursday, May 2, at 1:00 a.m. will be the FED's interest rate decision . According to forecasts, the FED will continue to keep interest rates unchanged.
Also on Thursday, at 7:30 p.m., there will be news about the first unemployment benefit request. As usual, if the published data is higher than forecast, it will be negative news for the USD and vice versa.
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