Interpretation of cryptocurrency market on April 6th, 2023

Last night's ADP employment data came in sharply below expectations. This gave the odds of no Fed rate hike in May the upper hand again. It is a positive. But the Nasdaq fell last night, which is not a good sign for long positions. This is because the focus of the market game has temporarily shifted from interest rates to recession. -- Stopping interest rate hikes is suitable for long positions. But the fundamentals of the economy still need to look better. If the data and the market return to a positive correlation, the risks in the long position will become more.

Friday's NFP data has one more chance to validate. Position reduction may occur early if it falls short of expectations, but the market falls. Even if there is a possibility of subsequently stepping off a period of the market, it is always right to see the risks adequately avoided.

This week and next week will be critical in determining whether the layout that has been in place since last year will end.