Market overview of cryptocurrencies:

6 באפר׳ 2023

Market overview of cryptocurrencies:

After the expected correction last night, there was an upward impulse during the Asian session. At 15:40, there was another upward impulse in the market. However, the movement for the evening will be determined at 17:00 (reports on them below).

Altcoins weakly responded to the overnight growth, and this is unclear. Either the speculator in this prolonged pile became more cautious, or the whales are playing their game of position accumulation. But the situation in the market right now is very difficult. The classic balance, and the final exit from the established range is unpredictable.

News:
At 15:15, the ADP employment report in small businesses was released. The report came out weak, which is one of the factors for the Fed's softening. And expectations for rate hikes have decreased after this report. The market reacted strangely, as if it were a sign of a recession. There was a surge of positivity and then a flood.

At 16:45 and 17:00, business activity indexes PMI and ISM services, respectively, will be published. These are important reports, and volatility will be significant.

Basic Scenario:
I see the picture as follows. Today, the reports will push the market down again, but by Friday, the market will make another wave of growth, and on Friday, there will be a strong correction in the labor market.

Alternative scenario: the reports will be strong, and there will be growth in the market until Friday. And then there will be uncertainty.

What's in long today:
LINA finally made an upward impulse and is now in correction.
ATOM grew without going down, so yesterday's position was not opened.
In GALA, the situation is similar to accumulation, and there may be an upward breakthrough in the coming days. The same is true for FIL.

Today, I suggest looking at the chart of the dollar index. It has a direct relationship with cryptocurrency and a strong inverse correlation with BTC and ETH. And it is approaching an important level, after which there may be either a strong rebound or a breakthrough that will send the dollar index significantly lower and fill the cryptocurrency market with positivity. It may also be the deciding trigger for a move towards $30,000 for BTC.

This is not a trading recommendation.