✨⭐️ Crypto Trading Quant ⭐️✨
✨⭐️ Crypto Trading Quant ⭐️✨ 3 minutes reading from Bitcoin

Decentral Payrolls Preparing for Tomorrow's Market Release

1. Preparing for tomorrow's trading

➡️ U.S. Nonfarm Payrolls ➡️ SPX chart (will the gap be filled?) ➡️ DXY chart (strong dollar ready for next leg down) ➡️ BTC chart (possible double top and pullback before news release).

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2. Nonfarm Payrolls measures the change in the number of people employed during the prior month, excluding workers in the farming industry. Given that full employment is one of the Federal Reserves mandates, it is very closely watched.

➡️ Nonfarm is a big market mover! ⬅️

3. A reading that is stronger than forecast is generally supportive (bullish) for the bitcoin and the crypto market.

Previous month: 315K Forecast: 265K Actual: see tomorrow

4. This months data, all the job news release info has all been positive and I'm expecting the non-farm results to also be positive. In fact I'm surprised the forecast is less than last month! I'm expecting the number to be more than the previous month.

5. Taking a look at the SPX market chart.

Expecting the gap to get filled and then price to push higher! QQQ has filled half of it's gap and leading SPX.

6. Taking a look at the DXY chart.

Today the dollar is strong and expecting the price to reach the black line to trick retail investors! The high price of the dollar will be setup to go down when the non-farm prints good results.

7. Looking at the Bitcoin chart.

Still waiting for a pullback to happen before the non-farm data. The chart is showing a possible double top pattern at the moment.

8. Conclusion:

The markets are still setting up ready for the non-farm data.

SPX and QQQ still need to fill in the gap before the news release.

BTC to go into the lower blue area and form a pullback.

Then markets rally and go up on non-farm news release. 🚀

This post is based on this twitter thread.


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