Yesterday, the initial jobless claims were reported at 218,000, lower than the expected 225,000. The previous value of 219,000 was revised up to 222,000, indicating that the previous value increased while expectations decreased, indicating that the job market will decline slightly! This suggests a bearish signal, but in fact, it will be a bullish signal for the cryptocurrency market!
From a technical perspective, the daily chart shows a large bullish candle with a long upper shadow. In an uptrend, the Bollinger Bands have not opened significantly, indicating that the bullish strength is not enough. The MACD indicator is also in the oversold zone with three lines converging, waiting for a pullback to correct. The KDJ double line is in a high position and the trading volume has decreased significantly, the coin price is strong against the indicators!
On the 4-hour chart, the coin price consolidates at the high from midnight to early morning, with the Bollinger Bands expanding. The coin price is running near the upper Bollinger Bands, with the three KDJ lines forming a golden cross and diverging upward. The MACD double line is also showing a golden cross trend. Overall, the coin's bullish strength is relatively strong, but there is also considerable pressure above, so we must be cautious of the strength of a potential short-term pullback! Therefore, for intraday operations, Conan recommends focusing on long positions during the pullback! The upper pressure levels to watch are 66,000 and 67,000, while the lower support levels are 64,500, 64,000 and 63,000!
Recommended strategy: sell at 65,500-65,800, targeting 65.000-64,500.
Wish you a successful transaction
