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Bitcoin Gains With Employment
PLUS: Analysis on FET, SUI & PEPE
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BITCOIN
📈 Bitcoin Gains With Employment
Word On The Street: Bitcoin experienced notable volatility during the Oct. 4 Wall Street opening, driven by a surprising surge in U.S. employment data.
The details:
The upward movement was spurred by U.S. nonfarm payrolls data, which significantly outperformed predictions, recording 254,000 jobs for September.
U.S. equities also responded positively to the news, with the S&P 500 and Nasdaq Composite Index opening higher.
As a result of the payroll report, market participants began to anticipate a smaller rate cut from the Federal Reserve in November.
Why it matters: The interplay between macroeconomic data, Federal Reserve policy expectations, and technical levels will continue to shape BTC’s trajectory in the coming days.
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Traders Corner (Premium)
Welcome, Traders!
Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️
Reports from our analysts today:
FET Technical Analysis (Free)
SUI Technical Analysis (Paid)
PEPE Technical Analysis (Paid)
TRADERS CORNER
🤖 FET Technical Analysis
FET is currently trading at $1.4180, slightly above the middle VWAP band, which is positioned around $1.3948. This positioning indicates a mild bullish bias as the price has managed to push above the middle band, showing signs of upward momentum.
Trend Analysis:
The price action has recently broken through the middle VWAP band, indicating a shift from the previously bearish sentiment to a more bullish stance.
The VWAP bands have expanded moderately, reflecting an increase in volatility, often seen during trend reversals. The recent candlesticks show upper shadows, implying attempts by the bears to drive the price lower, but the bulls have maintained upward pressure, keeping the price within a positive trajectory.
The BBP indicator at the bottom is in positive territory, around 0.0286, supporting the notion that FET is currently experiencing bullish conditions, although it's not in an overbought state yet.
Support and Resistance:
- Resistance: The immediate resistance lies at the upper VWAP band near $1.4273. A break above this level could signal further bullish momentum, with the next resistance to watch around the recent highs near $1.45.
- Support: The first level of support is at the middle VWAP band, currently near $1.3948. If the price fails to hold above this level, the next key support is around the lower VWAP band at $1.3622.
Potential Scenarios:
- Bullish: If FET finds support at the current level and continues to rise, it could attempt to break above the immediate resistance at $1.4273. Successfully crossing this level could pave the way toward $1.45 and potentially higher, signaling a more robust short-term bullish reversal.
- Bearish: If the price fails to maintain its current bullish momentum and drops below the middle VWAP band at $1.3948, it may retest the support at $1.3622. A breakdown below this level could lead to accelerated selling pressure, pushing the price lower and reinforcing the previous bearish trend.
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