HomeContributorsTechnical AnalysisDespite Strong USD Spike after NFP Report, Bitcoin Remains in Uptrend

Despite Strong USD Spike after NFP Report, Bitcoin Remains in Uptrend

US jobs data for November comes out 199K vs 184K expected. Unemployment rate changed from 3.9% to 3.7%. It appears that what CPI did a month back, the NFP takes it all back on the euro. Some stops must have been cleared out, so possibly that’s a perfect price area for market to stabilize at the “fair” value. But its important to keep in mind that as long as CPI and NFP will show different situation for the economy, the ranges on DXY and EURUSD may not be easy broken.

Away from the EURUSD, despite strong USD reaction bitcoin is doing well at current levels. If can stay unchanged for US session, we think that uptrend is ready to resume next week, if not maybe even earlier. Support on dips is at 41k and 40k.

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