Nonfarm data came in below expectations, and with bullish momentum in the coin market, Bitcoin could pick up nearly 4,000 points, and Ethereum could gain nearly 200 points! July 2 BTC and ETH strategy

In June, nonfarm payrolls added only 57,000 jobs, close to half of the market expectation. The data for the prior two months were both revised downward, while the unemployment rate fell to a low point in the past year. The market’s strong concerns about the Federal Reserve’s near-term rate hikes are being corrected. In other words, the probability of a rate hike is rapidly declining. Because of this, coin prices have surged significantly. The recent long setup recently provided aligns with expectations: Bitcoin can capture nearly 4,000 points, Ethereum can capture nearly 200 points—hop on this long wave and take a big bite of the profits!

We previously provided long ideas multiple times: Bitcoin long at 58,000–58,500, and Ethereum long at 1,500–1,530. Those ideas have been validated. If you followed, you can move your stop-loss to lock in gains or take profits directly! There is still one big “bomb” waiting to be exposed—namely, the deadlock in the US-Iran negotiations. Iran wants to levy fees on ships passing through the Strait of Hormuz, but the US does not want to let it get what it wants. It will be difficult to reach an agreement—everyone, wait and see!

July 2 midnight long setup:

Bitcoin: On a pullback to 59,500–60,000, enter a long. For more conservative traders, enter near 58,500–59,000. Defense around 58,000. Targets: 61,000–61,500–62,000. If it breaks out, look at 62,500–63,000. If it continues breaking out, keep moving the stop-loss to protect profits—depending on the situation!

Ethereum: On a pullback to 1,600–1,630, enter a long. For more conservative traders, enter near 1,530–1,560. Defense around 1,500. Targets: 1,650–1,700–1,720. If it breaks out, look at 1,750–1,780. If it continues breaking out, keep moving the stop-loss to protect profits—depending on the situation!

July 2 midnight short setup:

Bitcoin: Short on a rebound to 62,500–63,000, one position. Defense at 63,500. Targets: around 61,500–61,000. If it breaks out, look at 60,500–60,000. If it continues breaking out, keep moving the stop-loss to protect profits—depending on the situation!

Ethereum: Short on a rebound to 1,730–1,750, one position. Defense around 1,780. Targets: around 1,700–1,670. If it breaks out, look at 1,650–1,630–1,600.

The small nonfarm payrolls came in below expectations, and the big nonfarm payrolls were also unexpectedly disappointing. The Fed’s pace of rate hikes has to be delayed, but the US-Iran negotiations cannot be concluded smoothly, so the bullish side in coin prices will still face pressure. For now, there’s no need to be overly bullish!