đ BTC 2/7 - Which vehicle to board...
Yesterday, BTC bounced from 57.8k back to around 60k-61k. This move helps the price temporarily escape the dangerous zone around 58k, but to say BTC is returning to an uptrend is still a bit earlyâhowever, there are already some positive signs.
Looking at technicals, 60k8-61k2 is currently the nearest resistance. If you donât take a multi-timeframe (TG) view well, many people will still look to short at this resistance area, as in previous retest attempts. However, right now the H1-H2-H4-H6-H8-H12-1D timeframes have all aligned and are entering the process of building up their own uptrend.
The most important news today is the Nonfarm Payrolls at 19:30 VN time, along with the unemployment rate and average wages. This set of data will determine how the market interprets the Fed.
If NFP is strong, unemployment doesnât rise, and wages stay high, the market will think the Fed doesnât need to ease yet. Then DXY/yields may jump, and BTC is likely to be pushed down again.
On the other hand, if employment weakens moderatelyâwithout being bad enough to trigger recession fearsâBTC could benefit from expectations of interest-rate cuts returning.
đ Current strategy:
This time, the plan will prioritize M5 and M15 pullback points to long and continue riding the trend across the H to 1D timeframes.
No longer prioritizing SHORT. Since the larger timeframe signals have turned, if shorting is done at all, it should only be short for scalping, then exit quickly.
This afternoon at 15:00 live, by the wayâif you havenât joined my group chat yet, check the pinned post at the top of the page.
Yesterday, BTC bounced from 57.8k back to around 60k-61k. This move helps the price temporarily escape the dangerous zone around 58k, but to say BTC is returning to an uptrend is still a bit earlyâhowever, there are already some positive signs.
Looking at technicals, 60k8-61k2 is currently the nearest resistance. If you donât take a multi-timeframe (TG) view well, many people will still look to short at this resistance area, as in previous retest attempts. However, right now the H1-H2-H4-H6-H8-H12-1D timeframes have all aligned and are entering the process of building up their own uptrend.
The most important news today is the Nonfarm Payrolls at 19:30 VN time, along with the unemployment rate and average wages. This set of data will determine how the market interprets the Fed.
If NFP is strong, unemployment doesnât rise, and wages stay high, the market will think the Fed doesnât need to ease yet. Then DXY/yields may jump, and BTC is likely to be pushed down again.
On the other hand, if employment weakens moderatelyâwithout being bad enough to trigger recession fearsâBTC could benefit from expectations of interest-rate cuts returning.
đ Current strategy:
This time, the plan will prioritize M5 and M15 pullback points to long and continue riding the trend across the H to 1D timeframes.
No longer prioritizing SHORT. Since the larger timeframe signals have turned, if shorting is done at all, it should only be short for scalping, then exit quickly.
This afternoon at 15:00 live, by the wayâif you havenât joined my group chat yet, check the pinned post at the top of the page.