FxWirePro- BTCUSD Predictions

BTCUSD trades slightly lower despite upbeat market sentiment. The pair rebounded sharply after the dovish 75 bpbs rate hike by Fed.US dollar index continues to trade weak for a third consecutive week and dropped below 105.50. Bitcoin got exhausted after hitting a high of $24676 and is currently trading around $22910.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared some of its gains due to profit booking. Any close above 13400 confirms a bullish continuation.

US bond yields (Bearish)-positive for BTC.  US 10-year yield declined more than 25% from the recent high of 3.103%.

Technicals-

Major support- $22400. Any break below will take the pair to next level $21480/$20000/$19200/$17500 is possible.

Bull case-

Primary supply zone -$23600. The breach above confirms minor bullishness. A jump to the next level of $25400/$30000 is possible.          

 Secondary barrier- $33000. A close above that barrier targets $37000/$4000.

It is good to buy on dips around $22000 with SL around $20000 for TP of $30000.