BTCUSD started its new phase of a bearish trend on the strong US dollar. Geo-political tension between Russia and Ukraine and on going UK political uncertainty puts pressure on Crypto markets at higher levels. BTC hits a low of $18660 at the time of writing and currently trading around $18726.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index started to decline after forming a minor bottom at 11386. Any close below 10800 will push the NASDAQ lower to 10400.
US bond yields (Bullish)- Bearish for BTC. US 10-year yield hits fresh 14- year high on an aggressive rate hike by Fed.
Technicals-
Major support- $18000. Any break below will take to the next level at $17500/$15000/$12570.
Bull case-
Primary supply zone -$20000. The breach above confirms minor bullishness. A jump to the next level of $21500/$23530/$24500/$25000 is possible. Bearish invalidation only if it breaks $25000.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to sell on rallies around $20000 with SL around $21500 for TP of $15600.
