2.7 Main focus on adjustments before non-farm payrolls, wait for opportunities after non-farm payrolls, many trading opportunities on hold
The expected unemployment rate in the U.S. for January is 4.1%, and the expected seasonally adjusted non-farm payrolls for January is 170,000. Non-farm payrolls will be announced at 9:30 PM tonight, and the market is expected to have significant fluctuations. Any news right now is causing some panic-driven movements in the market.
From a technical perspective, Bitcoin and Ethereum have completed a second test, and the technical movement has been relatively smooth. The only remaining question is whether the market can push higher, which likely depends on the non-farm results. Therefore, there is no rush; after a pullback, there will still be opportunities to go long.
Subjectively, there is a demand for a rebound, but a rebound is not a reversal. It is crucial to assess whether the strength is there once it reaches the position.
BTC Daily - 4-Hour Level Market Analysis
The larger trend for Bitcoin still shows a bullish outlook, as the weekly bottom support has not been broken. The strong logic is not just in a control phase but in a consolidation stage. After testing the second test position yesterday, the market has rebounded near good support levels. Intraday, around 98,500 is a resistance level. It is not advisable to open long or short positions on Bitcoin at this time, or alternatively, one could open long positions around 96,000, but be cautious of risks; non-farm payrolls are unpredictable.
ETH Altcoin Size Level Analysis
Ethereum has completed a second test, with bottom support expected around 2,620 to 2,580. Currently, it looks relatively strong and has not dropped significantly. The major resistance above is around 3,000, and the likelihood of reaching that level is low.
The bearish logic pressure above is around 2,860-2,915, with bottom support around 2,670. One can try to trade back and forth to see if opportunities arise in the afternoon. Altcoins are getting lower during the consolidation process, making it difficult to wash out chips.
In the new year, congratulations to everyone for a prosperous and auspicious New Year, wishing wealth and health.
