68 Trading Plan (09/09 - 15/09/2024) - Catch Altcoin Dip ?
1. Review last week's trading plan
Last week , we had a plan to wait to Short BTC if the price returned to the $60,000 - $61,000 zone.
1D chart of BTC/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 1, 2024
Result: We have identified the downtrend correctly, but it is quite unfortunate that the price did not recover to the entry but dumped.
1D chart of BTC/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
Regarding altcoins, last week we had only 1 buy plan for STRK at the price of 0.355 USD:
1D chart of STRK/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 1, 2024
Result: the buy order has made a pretty good profit with a profit of about 25%. I am currently holding and have not closed this buy order yet.
1D chart of STRK/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
2. Analysis and comments on Bitcoin (BTC) next week
BTC/ USDT 1W chart on Binance Futures, TradingView screenshot on the evening of 09/08/2024
On the weekly chart, we have a second red candle after last week's full-strength red candle. You can see that the $53,800 area (black line) is Vai as support. This is the area where the price previously tried to break through but then retracted its wicks and returned (fake breakout). Therefore, the price's correction to this area may simply be a re-test. That is, the price may increase again if it respects this area.
Next, we will XEM at the smaller timeframe:
1D chart of BTC/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
The price action on the D frame is quite difficult. After 2 consecutive red candles, the price is accumulating sideways right above the support. However, the current price reaction is not really strong. We have 2 very small green candles, showing that the price is only temporarily sideways and is held at this support. Therefore, if you want to buy, you can wait for a stronger signal candle (pinbar with a drawn leg) or a full-strength green candle.
BTC/ USDT 4h chart on Binance Futures, TradingView screenshot on the evening of 09/08/2024
The 4H price action also shows sideways movement. There is no clear trend but only sideways movement after the previous decline. Therefore, next week, we will limit BTC trading as much as possible. The most optimistic plan is that the price will continue to sideways around $53,000 - $55,000 before breaking the sideways movement and creating a new trend.
If the price breaks up, the above BTC re-test prediction could be correct, the market will rise again. If the price breaks down, we will easily see BTC around $51,000 - $52,000.
BTC.D
Bitcoin Dominance Index (BTC.D) 3D frame, TradingView screenshot on the evening of September 8, 2024
Our plan remains unchanged. BTC.D is likely to continue to rise and is likely to reach 57 - 58%. This is still the best time for us to buy altcoins.
According to the current 3D chart, BTC.D may be having a bit of difficulty when it is constantly being blocked around the 57.5% mark, however, BTC.D is still maintaining a fairly long uptrend before and is still above the EMA (20), so it is possible that BTC.D can continue to increase in the long term.
3. Some plans for altcoins
STRK
1D chart of STRK/ BTC pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
If XEM at the STRK/ BTC chart, we can easily see that STRK is performing much better than BTC . The D frame recently had a strong increase and for the first time STRK/ BTC broke out of the EMA (20) after a very long sideways period, falling below this moving Medium . This is a very good technical signal for those who are holding STRK. According to this chart, we can completely wait for STRK/ BTC to re-test the EMA (20) to buy.
Next, we will look at the STRK/ USDT chart:
3D chart of STRK/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
The 3D frame of the STRK/ USDT chart shows sideways in the range of 0.33 - 0.4 USD. Combined with the STRK/ BTC chart, we can predict that STRK/ USDT will be able to sideways for a while longer (adjust when STRK/ BTC tests the EMA 20). Therefore, you can continue to buy around 0.33 - 0.4 USD and wait for the price to breakout.
SAGA
3D chart of SAGA/ USDT pair on Binance Futures, TradingView screenshot on the evening of September 8, 2024
SAGA 3D frame gives us a pretty clear sign of technical analysis. The EMA (20) is still Vai as a dynamic resistance as the price has rejected from this zone 4 times or created false breakouts.
The plan for SAGA has therefore become much simpler. Those who do not have an entry and want to be safe can wait for the price to break out of the EMA (20) and retest it before buying. In addition, those who have matched the entry around 1.22, 1.18 USD that I shared in the plans last week can completely continue to hold in the medium and long term.
4. Macro news
This week we will have only 2 notable news on Thursday (05/90), specifically:
At 7:30 p.m. on Wednesday (September 11) , the Consumer Price Index (CPI) will be released. This index measures changes in the prices of goods and services and is one of the main indicators of inflation. Higher than expected actual figures should be considered positive for the USD and vice versa.
At 7:30 p.m. on Thursday (September 12), the Unemployment Claims data will be released. If the data is higher than expected, it will be XEM negative news for the USD and vice versa.
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