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FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and AUDUSD) for the day
BTCUSD continues to trade weak and hits an 18-month low at $20816. It is currently trading around $22254.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (highly positive correlation with BTC)- Bearish (negative for BTC). The index holding below 2000-W EMA. Any close below 10775 (200-W MA) will drag NASDAQ to 10520/10000.
US bond yields (Bullish)- Negative for BTC. US 10-year yield surged sharply, hitting the highest level since 2018 on rising inflation. Markets eye US Fed monetary policy tomorrow for further direction.
Celsius network negative news also dragged crypto down further. The largest crypto lenders have paused all withdrawals and transfers due to extreme market conditions.
Major support- $22284 (200- W MA). Any weekly close will bring an end to the bullish trend, a dip to $15000/$10000 is possible.
In the weekly chart RSI (14)- 27.67 (Oversold). Any decline can be used as an opportunity to buy.
Primary supply zone -$23850. The breach above confirms minor bullishness. A jump to the next level of $24850/$25400/$27000 is possible.
Secondary barrier- $32500. A violation above that barrier targets $37000/$40000.
It is good to buy on dips around $20000 with SL around $17000 for TP of $30000.