Countdown to Bitcoin's plunge? Non-farm data may detonate the market, and the price may fall below $50,000?
The August non-farm data of the United States will be released on September 6. Will Bitcoin plummet?
Before the release of non-farm data, some technical signals have appeared in the daily candlestick chart of Bitcoin
$58,000 was broken, and the next major support level may be around $52,000, which is also an important low point in the near future. If it falls below this position, Bitcoin may quickly drop to the range of $48,000 to $45,000.
The MACD indicator shows that Bitcoin is still in a weak position, with the fast and slow lines running below the zero axis, and the bar chart shows that the short-selling force is still dominant.
The KDJ indicator shows that Bitcoin is already in an oversold state, with both the K value and the D value around 20, indicating that the market may rebound in the short term.
The view of contrarian investors: Will it plummet?
The market's view on Bitcoin is generally cautious, and most investors will choose to wait and see or sell in advance. However, as a contrarian investor, I think it is unlikely that Bitcoin will plummet before the release of non-farm data.
In the case of bearish market sentiment, many investors may have already arranged short orders in advance, which provides opportunities for contrarian investors. Once the non-farm data is positive, short covering and the influx of buying may drive Bitcoin to rebound quickly to more than $60,000 in the short term.
Although the non-farm data on September 6 may become an important node in the trend of Bitcoin, the real timing of the plunge may be delayed.
If the market's expectations for the Fed's monetary policy do not change significantly, Bitcoin may have a period of shock consolidation. From October to November, as global economic and inflationary pressures further increase, market volatility will increase, and Bitcoin may usher in a sharp decline before the end of the year.
Contrarian investors should be prepared to look for buying opportunities at lower prices (such as $52,000 or $45,000)
