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The US non-farm payroll data for July was far below expectations, with a seasonally adjusted non-farm payroll of 114,000 people, the smallest increase in Ether since April 2024. The US unemployment rate for July reached 4.3, a new high since 2021, and the data recorded Favourable Information, causing concerns about economic recession. Fed officials said that if inflation and the job market continue to cool down, the Fed should cut interest rates. US stocks closed with the Dow Jones Industrial Average falling 613 points, the S&P 500 falling 1.8%, and the Nasdaq falling 2.4%. Several star tech stocks plummeted, with Intel (INTC.O) falling about 26%, Amazon (AMZN.O) falling about 9%, and Micron Technology (MU.O) falling about 8.6%!
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The encryption market broke down across the board, with BTC falling below the 62500 support level and now trading near 61350. Ethereum fell below the 3000 mark and is now trading near 2970. Other AltCoins also experienced varying degrees of decline. The once popular PEPE followed the market in a rapid decline with increasing volume. Pay attention to the entry position at follow0.0000080 and below in this Spot. After the approval of the ETH SpotETF listing, it encountered a Grayscale dump, causing related coins to experience a continuous pullback. Corresponding intraday strategies should also be adjusted appropriately!
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The breaking market is characterized by heavy volume. Therefore, it is inevitable for shorts to repeatedly break through the strong volume and continue. Intraday long orders exit with small losses, operate with the trend, and being steady and conservative is always Lao Wang's style. Never go against the market. Simply holding a losing position is not a wise choice. Timely stop loss is also for getting more. In the short term, first follow the correction of BTC and Ethereum, wait for a clear direction before taking action, and then selectively enter the market with a small long order close to the previous low after the break.