š New Data Released! The results indicate that the labor market is starting to weaken ā unemployment rises by 4.3% and job growth is thin. This means that the chances of The Fed cutting interest rates soon are getting stronger š.
š For our position: āļø Long has been closed with profit ā³ Short is still ongoing ā we are waiting for the next decline opportunity
š„ Stay focused, momentum is still there, but be disciplined in finding new entries to maximize results
Initial Jobless Claims: 237K (worse than forecast 230K) ā signals of a weakening labor market ā crypto briefly got a boost.
ISM Non-Manufacturing PMI (August): 52.0 (higher than forecast 50.9) ā the services sector is becoming more expansive ā USD strengthens ā pressure on crypto.
ISM Non-Manufacturing Prices: 69.2 (slightly below forecast 69.9) ā service inflation weakens a bit, but the impact is not too significant.
š Conclusion: Jobless Claims briefly caused crypto to rise, but ISM data is more dominant, suggesting that the market direction may lean towards a strong USD ā crypto is vulnerable to correction.
ā” Make good use of the news wisely and be careful, guys, and also don't forget to ask chtgptšš $BTC #RedSeptember
Market could be mixed which initially USD was dominant, but if inflation becomes the focus ā crypto could get a rebound opportunity. Sideways doesn't mean it's safe guys. The market could just be waiting for a moment to spike. Don't forget to lock TP/SL before FOMO, guys! ššš
Stay consistent in maintaining your strategy & always be careful, guys, so you don't get trapped and experience the same situation again in the crypto market šš
US PPI data for July was released above expectations, causing a market dump for a few minutes⦠but it turned out to be just a brief volatility. šā”š Crypto immediately rebounded, showing that the current bullish sentiment is still stronger than the pressure from producer inflation data.