FxWirePro- BTCUSD Predictions

BTCUSD  consolidating in a narrow range between $18157 and $20469 for the past four weeks. The upbeat market mood after the election of new UK PM Rishi Sunak supports riskier assets at lower levels. Markets eye US top tech earnings today for further direction. BTC hits a low of $19222 at the time of writing and currently trading around $19263.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index started to recover after forming a minor bottom of 10896. Any close above or below 11475 will push the NASDAQ higher to 12000.

US bond yields (Bullish)- Bearish for BTC.  The US 10-year yield declined more than 4% after hitting a multi-year high of 4.33%. The US 10 and 2-year spread narrowed to -30 basis points from -57 bpbs.

Technicals-

Major support- $18000. Any break below will take you 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.