|   Technicals


  |   Technicals


FxWirePro- BTCUSD Predictions

BTCUSD holds above $20000 on upbeat market sentiment. The weak US economic data and surging inflation could dampen aggressive rate hikes by Fed. It hits a high of $21178 at the time of writing and currently trading around $21046.


Factors to watch for Bitcoin price action-


US markets -

NASDAQ (positive correlation with BTC)- Mixed (neutral for BTC). The index is consolidating after a minor pullback. Any close above 12200 confirms a bullish continuation.


US bond yields (Bullish)-Negative for BTC.  US 10-year yield gained more than 8% from the minor bottom 3%.



Major support- $19980. Any break below will bring an end to the bullish trend, a dip to $17000/$15000 is possible.


Bull case-

Primary supply zone -$21520 (200-H MA). The breach above confirms minor bullishness. A jump to the next level of $23000/$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.

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