There are several key data points coming out in the crypto market recently: at 8:15 PM tonight, the ADP employment numbers, at 2 AM tomorrow, the interest rate decision, and at 8:30 PM on August 1, the unemployment rate and non-farm payroll data.
Before the data is released, the market may experience a slight drop, as some funds will likely withdraw to observe the situation. From a technical perspective, the Bitcoin daily Bollinger Bands are narrowing, and there may be a pullback to 116,000 at the beginning of August, but a significant drop is unlikely. The 4-hour chart has been consolidating without making new highs or new lows, indicating a sideways trend. Major cryptocurrencies are following this rhythm; if there is another pullback, it could be a good opportunity to buy the dip, with a high probability of a bullish market in August.
I’ve heard that there may be a rate cut in September, which seems like good news, but it often happens that good news turns into bad news when it materializes, and the market might collectively pull back, adjusting for a month. However, there may be a final surge in the fourth quarter, but the major players might sell their positions to retail investors at high prices, and once they’ve sold off, the bull market might end.
So, it’s important to keep an eye on key points and trends, follow the trend, and avoid being caught in losses.
Editor
Share
How to judge the market volatility before and after data is released?
What is the usual cycle of bull and bear markets in the crypto space?
When pulling back to the 116,000 level, which major cryptocurrencies should be chosen for buying the dip?
