Cryptocurrency Market Overview
The labor market report determined the fate of Friday. In the wake of the last weekday, the weekend has been very dull in the market. Volatility is extremely low, and BTC's price is trading around Friday's close ($69,300) as if it were tied there.
TradFi
Let's understand what happened in the traditional economy that impacted the market so much.
The Nonfarm Payroll report came out very strong, contrary to the best forecasts in the US labor market by Goldman Sachs (I found two studies comparing forecasts from several investment houses and then separately verified Goldman Sachs' data with a simple bot comparing forecasts to actual data). So if you rely on Goldman Sachs for the US labor market, you will more often get data close to the actual figures.
Analysts and the US press unanimously pointed out how strange the report turned out to be, with both new job creation and rising unemployment occurring simultaneously.
News
- Solana once again surpasses BSC and Ethereum (excluding Layer-2) in trading volume. Meme coins remain the main magnet for speculators.- The DeFi sector continues to see inflows of funds, with the market at its highest levels in the past 15 months.
Base Scenario
I will return to active buying only on Wednesday, when the inflation report and the Fed's decision will be released. Until then, we might see another wave of decline or continued stagnation at current levels.
What to Long Today- INJ and DUSK have seen all the negativity bought up and look very strong. However, I would not rush into buying ORDI, as formations indicating a likely decline are visible on various time frames.
Many longs were closed at a stop, which is unpleasant, but we continue to work.
Today's Idea: Short ARK
- Move to breakeven at $0.821- Stop: $0.8632
- Take Profit: $0.7722
#Binance200M #BnbAth #TopCoinsJune2024 #ETHETFsApproved #FIT21
