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Quick look! This “Er Bing” candlestick chart breaks down the current market in plain terms.
Right after the non-farm data came out, employment data beat expectations. Market expectations for a Federal Reserve rate cut were pushed further back again. The US dollar and US Treasury yields strengthened accordingly, and “Er Bing” also came under pressure and fell back, dropping from the high at 2337. It’s now trading in a narrow range around 2326.
But look—when it retraced to around 2318, it immediately held steady. The bids below are solid, with no signs of panic selling, which shows that capital still recognizes the current price level. The supply pressure at 2337-2340 is still real. A direct breakout in the short term won’t be easy. Most likely, it will keep grinding back and forth within the 2320-2335 range.
To put it simply, this is a typical range-repair/oscillation market driven by news-related disturbances. The impact of the non-farm payrolls is more about sentiment and hasn’t changed “Er Bing’s” current oscillation structure. In terms of trading, don’t chase rallies or selloffs—just focus on selling the highs and buying the lows within the range. If it breaks out or breaks down, then adjust accordingly, control your position size, and don’t go all-in betting on the direction. $ETH
Just after the non-farm payroll data was released, employment data exceeded expectations, and market expectations for a Federal Reserve rate cut were pushed further back. The US dollar index and US bond yields strengthened accordingly, and the two-candle also came under pressure and declined, crashing from the high of 2337, now fluctuating around 2326.
But look, it stabilized immediately after retesting around 2318, with solid support below, no signs of panic selling, indicating that funds still recognize the current price level. The selling pressure at 2337-2340 is still real, making it difficult to break through in the short term. Most likely, it will continue to fluctuate within the 2320-2335 range.
To put it simply, this is a typical oscillation correction driven by news disturbances. The impact of non-farm payrolls is more emotional and hasn't changed the current oscillation structure of the two-candle. In terms of trading, avoid chasing highs and selling lows; just focus on buying low and selling high within the range. If it breaks, then adjust accordingly, control your position size, and avoid heavy bets on the direction. $ETH