Part 2
š§® Statistics
This week markets are waiting for the release of key macro statistics: Nonfarm Payrolls, Unemployment, Inflation (Core PCE), PMI and Consumer Confidence. Already released US GDP for Q1 was much worse than expected (0.4% vs. 2.4% forecast), which reinforced expectations of Fed rate cuts. Expectations of weak labor market and inflation data may support the crypto market and risk assets, but also increase volatility. The reaction will depend on the actual numbers.
š¦ Earnings.
This week, markets are awaiting reports from major US companies Microsoft, Meta, Amazon, Apple, Mastercard, Pfizer, Coca-Cola, ExxonMobil, Chevron, Visa, PayPal, McDonald's, Booking, Spotify, Spotify, Robinhood, Reddit, Airbnb and others. Volatility may increase - the reporting of BigTech, financial sector and energy leaders can set the tone for the whole market and influence investor sentiment, including the crypto market.
ā” Crypto Metrics
Many metrics are forming an attempt to break the downtrend and some have already done so, but most require confirmation.
š” Forecast:
* BTC:
Price is sideways, just in the zone I highlighted in the last review, which is the supply zone and past active bear participation. In the current zone there can be a deeper correction and work out the distribution according to Wyckoff, in this scenario the price will tend to the zone of 90 or even 85K. Consolidation above 95K will cancel this scenario. There may be false breakouts, which complicates trading in this zone. It is a bad place to trade. Key support is 90K.
* ETH:
The price broke through the zone of 1.7-1.75K but there was no acceleration. The main liquidity is in bitcoin and for a full-fledged reversal we need to see the fall of its dominance, so far it is not.
The key support is 1.53K.
