Damn! With such a big bearish catalyst from the NFP, Bitcoin actually didn’t get sold off! So can we just blindly turn bullish now?
Of course not. My view is that although the current market is relatively strong, it’s not yet time to blindly chase longs. The most important concern for everyone, the Fed meeting on September 15, is still a bearish factor. Now that the NFP was so strong, expectations for rate hikes have risen again, so over the next ten days, what the crypto market needs to trade is the market’s提前 pricing of the Fed meeting.
If we see another pullback recently to around 7.8 or 7.7, both spot and low-leverage longs can be considered in batches. As for the major 7.5 support, if it gets there, there’s actually no need to be too afraid; you can go heavily long there. Then the 8.15–8.2 ten-thousand level resistance is now very clear. Two days ago it ran up to 8.23 ten-thousand and couldn’t break through; yesterday when the NFP came out, it immediately got dumped. If it rebounds back here again soon, you can short a wave.
Of course not. My view is that although the current market is relatively strong, it’s not yet time to blindly chase longs. The most important concern for everyone, the Fed meeting on September 15, is still a bearish factor. Now that the NFP was so strong, expectations for rate hikes have risen again, so over the next ten days, what the crypto market needs to trade is the market’s提前 pricing of the Fed meeting.
If we see another pullback recently to around 7.8 or 7.7, both spot and low-leverage longs can be considered in batches. As for the major 7.5 support, if it gets there, there’s actually no need to be too afraid; you can go heavily long there. Then the 8.15–8.2 ten-thousand level resistance is now very clear. Two days ago it ran up to 8.23 ten-thousand and couldn’t break through; yesterday when the NFP came out, it immediately got dumped. If it rebounds back here again soon, you can short a wave.
