Is Bitcoin holding up? Waiting for U.S. unemployment data at 3:30 p.m.!
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Good afternoon, yesterday bitcoin failed to break through the 20500 level and started a local downward flat to the 19500 extra zone from where the buyer reaction came immediately. Ether's move to PoS was successful. We are waiting for the unemployment data, which could have a negative impact on the world's major indices and bitcoin.
In simple words, if the number of jobless claims decreases, it means a lot of workers, it means more paychecks, people will spend more, inflation will increase and this will negatively affect the Fed's rate increase, and the rate increase, in turn, will negatively affect the Bitcoin rate. And so let's look at the LONG/SHORT scenarios
LONG
To continue the local upward movement on Bitcoin, we need to follow the SPX500 index and the unemployment data today at 15:30, to go to the zone of 24,000, you must first consolidate above the level of 20,500 dollars (local resistance), and so impulsively pass the zone of 21,200 dollars and consolidate above it.
Short
The short scenario for bitcoin will be consolidation and trading below the level of 19500, then to me, it will look like a Short on the break.
P.S.
I don't stick to time frames in my analysis of the instrument, a reaction in the instrument can happen earlier or later. It is important to understand the price movement when reacting to the level as well as the buyer and seller reactions. Well, a couple more secrets, but you already have the material ready)))
