BTC Reaction during NFP News
Every First Friday of the month there's always a fundamental news that shake the general market's entirely either positive or negative the outcome plays a vital role in the general market both forex and Crypto market.
The NONFARM PAYROLL (NFP) is one of the biggest news that moves the general market and the effect can be either positive or negative depending on the dollar dxy reaction to the market.
Most times they do release the news by 8:30 newyork time because is a US news and it can affect the entire market.the news is always every first Friday of the month. It gives reports of the previous month and data break down.
It also measures the number of people employed for the month of July if the number is higher than the previous month that's a positive outcome we can expect a huge spike up during the hour of the news.
Then if the number of employees are lower than the previous month it will be a negative outcome then we expect the dxy Dollar to drop lower. The month of July number of employees are higher than the previous month so it was a positive news and the dxy spike up while everything paired to USD as base currency drop lower even our favorite Btc.
BTCUSDT CHART NFP REACTION
Here on the chart you can see by 8:30 newyork time that's the hour the news was released and immediately the price of btc drop lower while on the dxy dollar index chart it spikes up.
So ideally HOW their are paired matters a lot when trading fundamental. When USD is the quote we expect the base currency to do inverse of what USD just like BTC/USDT BTC is the base while USDT is the quote so if dollar News is bullish we expect a drop on BTC chart just like what you have seen on the picture samples that's how we predict the market using fundamental analysis.
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