FxWirePro- BTCUSD Predictions

BTCUSD  is trading weak for a second consecutive week on the hawkish Fed Chairman speech. The demand for riskier assets like Bitcoin and stocks decreased on hopes of a 75 bpbs rate hike by the ECB in the next monetary policy meeting. The surging US treasury yields also put pressure on BTC at higher levels.BTC hits a low of $19526 and currently trading around $19916.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index dropped more than 10% from a minor top of 13727. Any close below 12000 confirms a bearish continuation.

US bond yields (Bullish)-Negative for BTC.  US 10-year yield gained more than 25% from the recent low of 2.51%.

Technicals-

Major support- $19000. Any Break below will take to the next level at $17500/$15800 is possible.

Bull case-

Primary supply zone -$20600. The breach above confirms minor bullishness. A jump to the next level of $220000/$23020/$23530/$24500/$25400/$30000 is possible.          

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

It is good to sell on rallies around $21000 with SL around $22500 for TP of $15800.