Tonight is make-or-break. It’s the last trading day of the week, and with the Nonfarm Payrolls report coming out, it’s crucial for BTC’s weekly candle to close above 75k!
If the data release is accompanied by a retest of the lows, that would be an excellent entry opportunity. It’s even debatable whether the price will break below 75k at all. The previous reading for September’s Nonfarm Payrolls was only 29,000, already reflecting a marginal weakening in employment. Against this market backdrop, releasing another negative catalyst would make little sense.
Besides, the major support at the lower end of the range is still holding, and we have the entire weekend to absorb any volatility. Whatever happens, it’s worth taking a shot.
So I’m still choosing to go long around 75–76k, and I’ll add to my position if there’s a false breakdown! My outlook hasn’t changed. The nearest resistance is 78,500–78,700; a breakout would put 81,800 in view.
If the data release is accompanied by a retest of the lows, that would be an excellent entry opportunity. It’s even debatable whether the price will break below 75k at all. The previous reading for September’s Nonfarm Payrolls was only 29,000, already reflecting a marginal weakening in employment. Against this market backdrop, releasing another negative catalyst would make little sense.
Besides, the major support at the lower end of the range is still holding, and we have the entire weekend to absorb any volatility. Whatever happens, it’s worth taking a shot.
So I’m still choosing to go long around 75–76k, and I’ll add to my position if there’s a false breakdown! My outlook hasn’t changed. The nearest resistance is 78,500–78,700; a breakout would put 81,800 in view.
