The market is eagerly awaiting the important non-agricultural employment data (NFP) and unemployment rate report to be released today, as these data will have a significant impact on the future monetary policy direction of the Federal Reserve. The following is a restatement of the current market situation and potential response strategies:
Market analysis:
Key data to watch: Today’s non-farm payrolls and unemployment rate report are like weather vanes, directly related to the Federal Reserve’s assessment of the health of the economy, which in turn affects its subsequent interest rate decisions.
Expectations and risks: I personally expect the unemployment rate to remain stable or in line with market expectations, but the big non-farm data may exceed expectations, creating bearish pressure on the market.
preventive solution:
Market awe and risk management: The first principle is to maintain awe of the market and put survival first. Strictly abide by trading discipline and avoid blindly going long before the bottom pattern is clear to control potential risks.
BTC position adjustment: Given that BTC has fallen below the key support of daily MA200, if the daily closing is confirmed to be below 58.3K, it is planned to further adjust the position and implement partial spot stop loss to mitigate potential losses.
Data-driven trading decisions: If the non-farm payrolls and unemployment rate data are as negative as expected, the spot stop-loss operation will be triggered again; conversely, if the data is positive, consider buying back the spot that was previously sold to capture market reversal opportunities.
Long-term perspective and preparation: If the non-agricultural data and the CPI data next Thursday are not good, the BTC price is expected to drop further to around 50,000. At that time, it will be regarded as a good opportunity to re-position and take back the reduced spot positions.
Policy expectations and patience: Given that the Fed's monetary policy has a profound impact on the cryptocurrency market, it is difficult for the market to usher in a full bull market without a clear signal of monetary easing. Therefore, it is necessary to remain patient, strictly control risks, and pay close attention to possible interest rate cuts in September or November, so as to adjust strategies in a timely manner and seize market opportunities.
To sum up, in the face of the important economic data that will be released soon, we should remain highly vigilant and respond flexibly to market changes. At the same time, we should maintain a long-term perspective and patiently wait for improvements in policies and market environment.
Buy these cryptocurrencies in 2024 and get 100 times the return!
1.BNB
BNB, as the core pillar of the Binance ecosystem, has demonstrated diversified practical value, not only limited to providing traders with the convenience of fee reduction, but also becoming the key to participate in the exclusive token issuance on the Binance Launchpad platform. Since its inception, as a tool token to promote Binance trading efficiency and cost optimization, BNB's functional boundaries have been greatly expanded, penetrating into the trading environment of the Binance Chain and penetrating into multiple areas of life such as travel, entertainment, online services and finance, demonstrating its wide application potential.
In the legal battle between the U.S. Securities and Exchange Commission (SEC) and Binance, Judge Amy Berman Jackson's ruling was a landmark one. She explicitly denied the allegation that BNB tokens constituted securities sales, clearing important legal obstacles for the healthy development of BNB and the ecosystem behind it.
It is particularly noteworthy that BNB has implemented an innovative destruction mechanism, namely Binance has pledged to use 20% of its quarterly profits to repurchase and destroy BNB tokens. This move is intended to proactively reduce the total amount of tokens on the market, thereby theoretically enhancing the scarcity and potential value of the remaining tokens. Currently, BNB is actively challenging the price milestone of $650. Based on its unique economic model and market performance, we predict that by the end of this year, the price of BNB is expected to climb to a new high of $806, further demonstrating its strong momentum and investment value in the field of cryptocurrency.
2.SUN
Solana, with its superior high throughput and low transaction costs, has rapidly risen in the DeFi (decentralized finance) field and NFT (non-fungible token) market, becoming the preferred platform for many projects, indicating its huge potential for future growth. Recently, Solana (SOL) has attracted much attention due to its possible approval of ETF (Exchange Traded Fund). Many mainstream financial institutions such as VanEck and 21Shares are actively promoting the application process of Solana ETF in the United States. This news undoubtedly adds a strong touch to the market prospects of SOL.
The market generally expects that once the Solana ETF is approved, its price may experience a significant leap. Some analysts have even compared it to the ETF effect of Bitcoin (BTC), predicting that its value may increase several times or even five times. Top cryptocurrency analysts even boldly predicted that the approval of the ETF would help Solana’s price climb to a high of $1,000, demonstrating a high degree of confidence in its future development.
However, it is worth noting that the realization of this optimistic outlook is highly dependent on the smooth navigation of the regulatory environment. Successfully navigating complex regulatory obstacles and obtaining ETF approval will be a key factor in determining whether Solana can usher in explosive growth. Therefore, the industry and investors are closely following the progress of these applications, expecting them to bring new vitality and opportunities to Solana and the entire cryptocurrency market.
3. BABY
Pepe, a digital currency deeply inspired by popular meme culture, has quickly emerged in the cryptocurrency field with its unique community-driven model and amazing virality. At the end of May 2024, the price of Pepe soared to a historical peak of $0.000017. Although it subsequently fell back due to changes in market sentiment, its rise was enough to prove its extraordinary charm. In just one year, Pepe not only became the third most popular meme coin, but its market value also swelled to an astonishing $4 billion, showing extraordinary growth potential.
We are confident in the future of PepeCoin and believe that its unique appeal will continue to arouse the curiosity and speculation of the public, thus driving the price to soar again. Since its birth, Pepe's market value has achieved an astonishing 16,590.05% growth, which itself is the best annotation of its extraordinary performance.
At present, with the subtle changes in the market environment, especially if the overall market is recovering, coupled with the active intervention of multiple forces, it is not far-fetched to push the price of Pepe to a new height of $0.000030. On this basis, we boldly predict that in the upcoming cryptocurrency bull market, Pepe is very likely to break through the important psychological barrier of $0.000070, breaking its price record again and bringing rich returns to investors.
4.BCH
Over the past six weeks, Bitcoin Cash (BCH) has experienced a market-shaking surge, with its value soaring from $260 to over $600, a staggering 143% increase. However, this rapid upward momentum was subsequently met with a technical correction, causing BCH price to form an evening star pattern on the weekly chart, indicating that its support above $500 is facing a test.
Despite this, BCH did not sink for long, and it quickly found support at the key price of $350, which is near the 50-day exponential moving average (EMA). What is more striking is that the rapid gathering of buying power is like an unstoppable torrent, pulling the BCH price up from the trough. This reversal not only highlights the huge potential demand behind the market, but also indicates that the morning star reversal signal is about to be formed in the technical form, which is usually a positive sign for the resumption of the upward trend.
As this bullish momentum continues to accumulate, BCH's target has been clearly locked above the previous high of $600. The market generally expects that as the market momentum is further released, BCH's upward trend will accelerate, and its price is expected to break through further, pointing to a new milestone of $700. This prediction is not only based on current technical analysis, but also reflects investors' optimism about the future trend of BCH.
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