The non-farm payroll data will be released in 1 hour, is the Biden administration faking data⁉️ The main focus of this non-farm report will be the beginning of a recession in the US ⚠️
First, let's talk about the market data. There hasn't been a stop-loss signal for ETH yet. If the data is released and cannot break the resistance level of 2576, then the downtrend should continue 📉 If the data is released and it chooses to break 2576 tonight, then we can consider it a stop-loss rebound‼️ Only then will I make a long position layout.
On the data front, non-farm payrolls have seen a dramatic decline since August, dropping from the original 200,000 to around 100,000, indicating a backward trend in the US economy. This is also the reason for the large drops after the last two non-farm reports. The expected value this time is 113,000, which is quite conservative, and it's highly likely that the data will be higher than expected.
Therefore, I still recommend a wait-and-see approach. The Bitcoin short position has been closed at the lowest point of 68880, while I am still holding the Ethereum short position, which will be adjusted after the non-farm data is released.
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