Non-Farm Payroll data to be announced soon, what's next for the crypto market? Coin King gives an in-depth analysis!Hello everyone in the crypto world! I'm Coin King from Coin Win Group, and I'm happy to be with you again. Today we're going to delve into the impact of the upcoming Non-Farm Payroll data on the crypto market and share Coin King's unique insights into the market trend
Non-Farm Payroll data to be announced soon, what's next for the crypto market? Coin King gives an in-depth analysis!
Hello everyone in the crypto world! I'm Coin King from Coin Win Group, and I'm happy to be with you again. Today we're going to delve into the impact of the upcoming Non-Farm Payroll data on the crypto market and share Coin King's unique insights into the market trend.
Firstly, congratulations to everyone who followed Coin King's Bitcoin and Ethereum trading strategies yesterday! Yesterday, Coin King clearly outlined in the video the idea of shorting Bitcoin near 62,400 and Ethereum near 2,550. At the same time, our strategy group also released operation suggestions. When Bitcoin reached around 62,400, we simultaneously notified the entry of the Ethereum short order, which ultimately resulted in a successful profit taking in the evening. Coin King's long strategy given around 60,000 also entered smoothly, with Bitcoin earning easily over 5,000 points and Ethereum over 200 points for the whole day. Although Coin King has been away for a while recently, his skills remain undiminished.
Regarding the reasons for this round of market decline, Coin King has already briefly analyzed this in yesterday's article and video, concluding that no reversal will occur in the short term. Interested friends can review past articles.
From the current short-term perspective, each bounce in the market seems like a "dog's escape". As the leader of the crypto market, Bitcoin has relatively strong performance due to the presence of protective forces. However, other cryptocurrencies like Ethereum may not be the same.
Right now, the most important thing for everyone is to be patient and wait for capital to flow into the crypto market. The most noteworthy news at the moment is the release of the NFP data tomorrow evening. If this NFP data is lower than expected, it will further validate the reasons for the Fed's 50-basis point rate cut, which is out of concern that the economy will fall into recession. In that case, the Fed will inevitably adopt a more aggressive rate cut policy to revive the economy, and the amount of "water released" will be even greater. It is worth noting that Bitcoin fell to 48,000 in July due to the unexpected weakness in NFP data.
We can analyze tomorrow night's data from several perspectives:
Scenario 1: Data meets expectations
This indicates that the Fed's rate cut has achieved the expected effect, and last month's 50-basis point rate cut was indeed a preemptive measure, not a policy taken because the economy is already in trouble. For the crypto market this will be good news, and may even trigger a mini-bull market.
Scenario 2: NFP data significantly exceeds expectations
If this happens, the probability of the Fed cutting rates further will be significantly reduced, and a rate hike is not ruled out. Bitcoin may experience a brief surge but may subsequently fall into a long period of stagnation.
Scenario 3: NFP data is roughly in line with expectations
This situation could lead to market fluctuations, and investors need to make decisions based on the specific data and market response.
Looking at the initial jobless claims data at the end of September, the data was lower than the previous value and also significantly lower than expectations. Initially, jobless claims are actually a mini-NFP, and based on current conditions, October's employment data should be positive.
Because this market trend changes quickly, more strategy suggestions will be delivered through timely notifications.
Back to the market
Looking at the daily chart for Bitcoin, after three consecutive bearish candles, yesterday's close was a cross star with a long upper shadow, which indicates that the market received support yesterday, meaning there was capital protecting the market, but ultimately it closed with a small bearish candle, indicating that the selling pressure is still strong. The emergence of this pattern makes today's close crucial. If it closes bullish today, the market will consolidate on a short-term basis, and a 2-3 day rebound may occur. Conversely, if it closes bearish today, a further significant decline is inevitable.
Looking at today's K-line, neither the top nor the bottom has broken yesterday's high and low, so in the short term, we can use yesterday's highest and lowest points as today's normal buying and selling positions.
In terms of price points, we can clearly see that the 62,300-62,400 range above can be used for short entry, and around 60,000 below can be used for long entry, with a small stop loss of about 300 points. Because whether it's the top or the bottom, as long as the stop loss is hit and a breakout occurs, the market will inevitably extend beyond 1,500 points. So, if a breakout occurs in either direction, you can choose to chase orders if you need to short.
This is my opinion on Bitcoin's market trend today. As always, if you need help unwinding your position, feel free to look for Coin Win Group all over the internet.
Next, let's take a look at the Ethereum market. Firstly, observing from the daily chart, Ethereum has seen 5 consecutive bearish candles, and the overall trend is weak, with a greater decline than Bitcoin.
In the short term, the strong support level below has actually shifted to around 2,260. From both the indicators and the bare candlestick patterns, there are no clear reversal signals. As for Ethereum, we can only focus on shorting.
Let's find some entry positions in the short term. Above, you can choose to short near 2,420, below, you can test the short-term long position at 2,350 with a 10-point stop loss, remember to only have a 10-point stop loss. If it breaks below this level, you can choose to chase the short order, aiming for the 2,260 target. Once it reaches 2,260, go long again, aiming for around 2,300.
You may think that the price range for Ethereum is relatively large, but we should prioritize stability when dealing with such volatile market conditions. Because the market not only follows technical indicators, but also influenced by unexpected news, and market sentiment can also affect the market trend, so more timely ideas will be communicated in the strategy group, and those who need it can also contact Coin Win Group all over the internet.
This article is independently written by (Coin Win Group). Because recent market conditions have been dominated by consolidation, with occasional pin-bar movements, remember to strictly control your profit taking and stop loss when trading. When dealing with major market data events in the future, Coin Win Group will also organize live broadcasts for the entire network. Those who want to watch can look for Coin Win Group all over the internet, then contact me to get the link at that time.
Mainly focus on spot trading, futures trading, BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, proficient in mobile lock-up trading strategy, based on high and low support and resistance levels for short-term wave trading, high and low levels, long-term trend orders, daily limit retracement, weekly top predictions, monthly top predictions.
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