Non-farm payroll data
Is Bitcoin returning to the 110,000 range the last madness or is it really going to break through?
The total market capitalization has returned to 3.4 trillion, with Bitcoin accounting for 63.8%, Ethereum accounting for 9.32%, and USDT's market cap rising to 157.9 billion. However, the market price of USDT has been continuously falling under the influence of the US dollar.
Tonight's non-farm payroll data is likely to be favorable. The market is just starting to rebound in advance and does not yet have the momentum for a direct breakthrough. It is merely liquidating short positions in the contract market. The shorts in the 109300 range that were mentioned last night have all been cleared, and the price in the upper accumulation area is in the 110300-110600 range, where you can place short positions and wait for a spike. Meanwhile, the bullish accumulation at 106500 has reached 2.6 billion.
Pay attention to whether the news landing tonight causes an upward spike or a direct pullback. For the pullback, watch the 106500-105500 range. Although this number often deceives traders, the market currently lacks sustained buying power, making a real breakthrough quite difficult, and there is a high possibility of malicious order sweeping.
Ethereum has currently broken back above $2500 and returned to the $2600 range. Currently, the strong resistance is at 2650, and the short position liquidation data has accumulated to 780 million. You can place short positions here and wait for a spike. Meanwhile, the bullish liquidation data has accumulated significantly more. The liquidation at the 2400 position is close to 2.4 billion, which is three times that of the shorts. Therefore, the cost-effectiveness of the high short position at 2650 is still quite good and worth a shot. After all, ETH often deceives traders. The market was shouting to send E-soldiers home today, and now they are calling for E-soldiers to regroup. It’s really a big bullish candle meeting thousands of retail traders.
Pay close attention to the MACD 2/3-day technical pattern. There is a risk of a downward spike. Reviewing past patterns, there are top signals. If the news lands in the next two days and the price cannot break 11, then the good news landing could collapse at any time. Those chasing long positions must be cautious and ensure they have their seatbelts on. For those trapped in short positions, BTC is currently in the range of 107500-108500, which can be held temporarily, but it is relatively easy to drop.
The only concern is that the ETH short position is trapped. There are short positions trapped in the 2500-2530 range, and we can only hold on and see if we can withstand tonight's non-farm payroll and tomorrow's Bitcoin proposal news. As long as the ETH closing price does not break 2650, the drop will be very smooth. However, I must remind everyone that whether you are chasing long or short, you must set a stop-loss. For Bitcoin, a stop-loss of $1500 is sufficient, while for Ethereum, a stop-loss of $30-40 is generally adequate. Holding onto a position will eventually reach a breaking point; otherwise, it can only go to zero.
