BTC/USD Forecast 04/08: Falls After Jobs Report (Chart)

(MENAFN- Daily Forex)

• Bitcoin has seen quite a bit of selling during the trading session on Friday, as the market started to see selling in just about anything that had the remote chance of being considered a“risky asset.”
• This was mainly due to concerns about the US job situation, as the Non-Foreign Payroll announcement came out at roughly half of what was expected.
• Keep in mind that Bitcoin is not divorced from reality anymore, it has become an asset that Wall Street traders are starting to sink their teeth into.

Wall Street Isn't Happy

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Wall Street isn't very happy at the moment, as the jobs number has quite a few people concerned. However, I think that this noise during the trading session will eventually work out in favor of Bitcoin, because it is only a matter of time before the expanded expectations of rate cuts coming out of the Federal Reserve will get everybody willing to jump into this market. After all, Bitcoin was designed as a reaction to the central bank easy monetary policy. If we are starting to see a shift in the attitude of monetary policy coming out of the Federal Reserve, that in and of itself could be a major boost for Bitcoin.

EURUSD Chart by TradingView

The technical analysis standpoint in this trade suggests that we are trying to break down below the bottom of what could be a bullish flag, but really at this point in time we still haven't completely done that. Even if we were to break down from here, the 50 Day EMA sits just below, offering people a technical indicator to start looking for support at. All things being equal, even if we break down below there I think there is even more support to be found near the $110,000 level, an area that is a large, round, psychologically significant figure, and an area that has previously shown itself to be important. The“market memory” in this region will almost certainly have a major influence on the ability for it to hold as support.

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