Crypto market analysis 8.2
Non-farm payrolls data is not good, market recession causes panic
The increase of 114,000 non-farm payrolls is not good enough, but it can be regarded as "reasonable data". Once the US economy weakens rapidly, it will be typical for the Federal Reserve to cut interest rates sharply in September.
Gold hit a new high. European, Asian and US stocks fell sharply on Friday due to growing concerns about a US recession and poor returns on technology stocks.
The Nasdaq index fell nearly 3%, and the Nikkei 225 index of the Japanese stock market plummeted 5.8%, the largest single-day drop since 2020. Major European stock indexes also fell across the board, and technology stocks fell to a six-month low.
The crypto market is not doing well either. It has been falling for several days in a row. No news is useful. The overall panic of economic recession has begun. Then when the economy officially starts to cut interest rates and release, it may open a new positive for the market.
Daily level market
· Daily level: The daily level fell rapidly, and the daily level rebounded near the heaviest support of 60,500, and the upper daily level pressure is near 63,000.
4-hour level market
· 4-hour level: The market fell rapidly, and the downward trend remained unchanged. The lower support positions are around 60,500 and 59,700. The market has not yet achieved a good reversal. The upper pressure position is around 62,500.
Intraday level analysis
The recent sharp drop in Bitcoin is a normal phenomenon, mainly due to the uncertainty of American politics. The game between Trump and Harris, coupled with Harris's lack of qualifications and his position of not supporting cryptocurrencies, makes it unlikely to win. However, this is still a big blow to cryptocurrencies and the stock market, so there may be more contract explosions in the near future.
The reason for the market collapse is not just politics. On the contrary, the recession panic caused this time is more serious and frightening. Global stock markets and cryptocurrencies are collapsing. Pay attention to the two-day repair and the repair situation next week on the weekend. Don't use contracts now and don't leverage yourself. Just buy spot.
· Intraday callback: The main theme of the day is still falling, and the large-level support position rebounds. The upper pressure position is around 62,800, and the bottom support position is around 60,500. Look at the rebound first, and then look at the large-level pressure situation.
