BTC - JOLTs Data - How to Trade
Technicals - Slightly Bearish
BTC momentum looks to be stalling on the parallel channel breakout.
With two large reajection wicks in the last 24 hours.
Retrace to support at 61.8k looks, based on the technicals the most likely outcome for the first part of today.
Macro- neutral
Where we go from there depends massively on the JOLTs Jobs data dropping at 3pm BST.
JOLTS measures new jobs being created so a bad JOLTs figure is good for BTC as it says that due to high interest rates businesses aren't expanding and adds pressure to the FED to reduce interest rates which is bullish for BTC.
JOLTs is predicted to come in at 7.9. Anything below that will be bullish for BTC. Anything above bearish.
$63,800 looks to be resistance so I think coming in at <7.9 will see us retest this level.
Anything below and I think we'll go back to $60,400 to fill the CME gap.
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After that we have the FED Chairman Powell giving a speech - this will only really be impactful if he says something wild, which he probably wont!
BTC momentum looks to be stalling on the parallel channel breakout.
With two large reajection wicks in the last 24 hours.
Retrace to support at 61.8k looks, based on the technicals the most likely outcome for the first part of today.
Macro- neutral
Where we go from there depends massively on the JOLTs Jobs data dropping at 3pm BST.
JOLTS measures new jobs being created so a bad JOLTs figure is good for BTC as it says that due to high interest rates businesses aren't expanding and adds pressure to the FED to reduce interest rates which is bullish for BTC.
JOLTs is predicted to come in at 7.9. Anything below that will be bullish for BTC. Anything above bearish.
$63,800 looks to be resistance so I think coming in at <7.9 will see us retest this level.
Anything below and I think we'll go back to $60,400 to fill the CME gap.
-
After that we have the FED Chairman Powell giving a speech - this will only really be impactful if he says something wild, which he probably wont!
Penafian
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