Market Update (Mar 10 2023)

As every day, here is our daily market update. Find out what has influenced the price and what we expect in the coming days.

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Afternoon guys, so I am going to keep this relatively short.

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My feeling is we're ok to go higher here and having filled Long orders in both the BTC and SOL Yellow boxes, I am content to hold both trades. Today's data was obviously the big one and we see Jobs Added come in greater than expected (not good) but Unemployment come in greater than expected (this is good... for the FED and to help inflation come down). We also saw the Average Hourly Earning on the YoY and the MoM both come down, again a positive on the inflation front. But, I'd say one of the most important bits of data that came in today was the Participation Rate, this came in at 62.5% and has previously been really sticky at the 62.2% - 62.3% area, so to finally see a shift higher in this is a sign that people are going back to work as they need the money. Good for what the FED wants to be seeing.

Technicals wise, many of the charts are significantly oversold, and we've filled major areas (the Yellow boxes + the CME gap on BTC), hence I think we can make a slight move higher.

Mostly tracking BTC and SOL, the key area for me will be if BTC can claim back above the $20,800 level and get above that horizontal support, let's see.

Categories: Market Update

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