FxWirePro- BTCUSD Predictions

BTCUSD was one of the worst performers this year and lost more than $30000 as risk aversion increased.  US Fed has increased 425 basis points this year to tackle inflation.  Bitcoin hits a low of $15479 and currently trading around $16483.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bearish ( negative for BTC). The index lost more than 35% this year and trades near this year's low 10431. Any close below 10000 confirms a bearish continuation.

US bond yields (Bullish)-negative for BTC.  The US 10-year yield surged sharply this year on a hawkish rate hike by the fed. Any indicative close above 4.35% will take the yield to 5.25%.

Technicals-

Major support- $15000. Any break below will end the bullish trend, a dip to $12795/$10000 is possible.

Bull case-

Primary supply zone -$18380 (this month's high). The breach above confirms minor bullishness. A jump to the next level of $19420/$207000/$21500 is possible. Significant trend reversal only if it breaks $25300.

 Secondary barrier- $26800. A violation above that barrier targets $30000/$32375.

It is good to buy on dips around $12500 with SL around $10000 for TP of $32000.