The White House shutdown and the non-farm payroll data not being released, exercise caution with long positions and avoid rushing to sell off! Thoughts on Bitcoin and Ethereum for November 8th

The U.S. federal government continues to be shut down, and at the beginning of this week, official data such as weekly unemployment claims and non-farm payrolls are still absent. However, the ADP private employment report shows that the U.S. private sector added 42,000 jobs in October, ending two consecutive months of decline. Meanwhile, Challenger job cuts report indicates that U.S. employers announced 153,000 layoffs in October, the highest level since 2003 for that month, suggesting ongoing pressure in the labor market.

In the context of data vacuum, internal debates within the Federal Reserve about whether to cut interest rates in December are becoming more intense. Yesterday’s bullish outlook aligned with expectations, with Bitcoin gaining several thousand points and Ethereum over two hundred points. Those following should be vigilant with trailing stops to lock in profits! Currently, there are clear signs of a bottoming process, and the daily KDJ indicator is about to form a golden cross from a low position, so do not blindly bet on a decline! Intraday trading remains focused on pullback buy strategies.

November 8th Long Position Ideas:

Buy Bitcoin on pullback between 100,500-101,000, conservative traders can enter at 99,500-100,000, with a stop around 98,900. Target around 102,000-102,500-103,000; if broken, look for 103,500-104,000-104,500, and move stops accordingly based on market conditions.

Buy Ethereum on pullback between 3,320-3,350, conservative traders can enter at 3,230-3,270, with a stop around 3,200. Target around 3,400-3,450-3,480; if broken, look for 3,530-3,580, and adjust stops accordingly.

November 8th Short Position Ideas:

Attempt a short on Bitcoin on rebound between 104,500-105,000, with a stop around 115,500. Target around 103,500-103,000; if broken, look for 102,500-102,000, and adjust stops accordingly.

Attempt a short on Ethereum on rebound between 3,480-3,500, with a stop around 3,530. Target around 3,420-3,400; if broken, look for 3,370-3,350-3,320-3,300, and adjust stops accordingly.

The government shutdown could cause long-term damage to efficient government operations. This means that short-term economic shocks may evolve into long-term structural issues, further weakening the foundation for economic recovery. Investors, facing this uncertainty, might adopt more cautious strategies, avoiding high-risk assets and shifting towards safer investments such as government bonds or gold. This could be the reason behind the continued outflow of funds from spot ETF markets!