#BTC update before key employment data drop
BTC still consolidating but upcoming employment data could trigger a move. Direction? in isolation the technicals would say up. Faster EMA's (20&50) are breaking the EMA200, the RSI has room to grow before oversold, we have solid order block support and we're still in the early stages of a breakout, 5 days in from a downtrend that started back in mid-july.
However the news cycle can wreck this and the biggest impacter of BTC price movement has been sentiment towards interest rates. Another rate pause on teh 1st November will be bullish for BTC and poor Non Farms Payrol and employment rate data can help confirm that rate pause. CME currently have an 80% chance of a rate pause if this reduces due to strong emplyment numbers in 3 hours then expect to see BTC retrace against its technicals and retrace to $26.5k. If we see declining employment figures BTC could capitalise on its bullish technicals and test overhead resisitance at $29k.
However the news cycle can wreck this and the biggest impacter of BTC price movement has been sentiment towards interest rates. Another rate pause on teh 1st November will be bullish for BTC and poor Non Farms Payrol and employment rate data can help confirm that rate pause. CME currently have an 80% chance of a rate pause if this reduces due to strong emplyment numbers in 3 hours then expect to see BTC retrace against its technicals and retrace to $26.5k. If we see declining employment figures BTC could capitalise on its bullish technicals and test overhead resisitance at $29k.