2.7 Non-farm payrolls dominate before the announcement, wait for opportunities after the release, there are many opportunities to pause trading
The expected unemployment rate in the U.S. for January is 4.1%, and the expected non-farm payrolls for January are 170,000. Non-farm payrolls will be announced tonight at 9:30 PM, and the market is expected to have significant fluctuations. Any news now brings some panic movements to the market.
From a technical perspective, Bitcoin and Ethereum have completed a second test, and the technical movements have been relatively smooth. The remaining question is whether the market can break higher; it is very likely that we have to wait for the non-farm results, so there is no rush. After a pullback, there will still be opportunities for long positions.
From a subjective technical perspective, there is a demand for a rebound; a rebound is not a reversal, so it is crucial to observe if it is strong at the levels reached.
BTC daily - 4-hour level market analysis
The larger trend for Bitcoin is still bullish; the weekly bottom support has not been broken. The strong logic is no longer just a control phase of fluctuations. After testing the second test position yesterday, the market showed good rebounds near the support level. During the day, around 98,500 is pressure; it is not recommended to open positions in Bitcoin at this time, or it is okay to choose to open long positions around 96,000, but pay attention to the risk, as non-farm results are unpredictable.
ETH altcoin large and small level analysis
Ethereum has completed the second test, with expected bottom support around 2,620 to 2,580. Currently, it looks relatively strong and has not dropped down. The major pressure above is around 3,000, and the likelihood of reaching this level is low.
The pressure from the bearish logic above is around 2,860-2,915, with bottom support at around 2,670. You can try to make trades back and forth to see if there will be opportunities in the afternoon, as altcoins are increasingly low during the fluctuation process, and the chip washing is quite painful.
In the new year, congratulations to everyone on the New Year wishes, prosperity, and health.
