BTCUSD trading narrow range between $25350 and $26800 for the past two days. BTC hit a low of $25852 yesterday and currently trading around $25946. Markets eye US Fed chairman Powell's speech in Jackson Hole for further direction.
The number of people who have filed unemployment benefits the week ending Aug 19 to 23000 compared to a forecast of 239000. US durable goods orders fell 5.2% in July vs. -4 expected.
Aug 25th, 2023, Jackson Hole Symposium Powell speech (2:05 pm GMT)
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC) - Bearish (neutral for BTC). The correlation between Bitcoin and NASDAQ diverged and 90 -the day correlation dropped to almost zero. Any decline below 14500 will take the index to 14000.
According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 80.50% from 88% a week ago.
Technicals-
RSI- 20 (Oversold in the daily chart)
Major support- $25000. Any break below will take it to the next level at $23800/$23300/$20000 if possible.
Bull case-
Primary supply zone -$27000. The breach above confirms minor bullishness. A jump to the next level of $30000/$32000/$36300/$40300/$41349 is possible.
Secondary barrier- $42600. A close above that barrier targets $48800/$50000.
It is good to buy on dips around $25000 with SL around $20000 for TP of $35000/$40000.
