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#Nonfarm Payrolls Incoming
The announced US Non-Farm Payroll (NFP) data came in weaker than expected: only 22,000 new jobs were added in August, while the market expectation was around 75,000. The unemployment rate also rose to 4.3%.
According to my comment:
• Weak employment figures are strengthening the possibility of a Fed rate cut. This expectation may be priced in more, especially at the mid-September meeting.
• Macro data is giving mixed signals for the market. I think it's necessary to be a bit patient at this point.
BTC & ETH Outlook
• Bitcoin (BTC) is currently around $110,580. If this area acts as support, we may see an upward relief rally.
• Ethereum (ETH) is at $4,291 levels and is managing to stay above the $4,250 support. However, we need to see resistance breakouts for a sustained rise.
What Am I Doing?
I don't rush on days like this. First, I wait for the market to digest the NFP data.
• I am looking at whether BTC and ETH are maintaining their support levels.
I only consider trading when I see a clear breakdown.
So do you think this NFP data will start a new trend for crypto, or will it just be a short-term fluctuation?
This is not investment advice.
#BTC #ETH