FxWirePro: BTCUSD Predictions

BTCUSD's price has traded flat between $29380 and $26678 for the past nine days. The crypto market was of the best performers this month and surged nearly $ 9000 on increasing risk appetite. The chance of a rate cut by the Fed due to the collapse of Silicon valley banks also supports Crypto markets. BTC hits an intraday high of $28506 and currently trading around $28427.

US PCE  price inflation rose 0.30% in Feb, below the estimate of 0.40%. The yearly PCE came at 4.6% vs. The estimate of 4.7%.

Major economic data for the Week

Apr 3rd, 2023  US ISM Manufacturing PMI (3:00 pm GMT).

Apr 5th, 2023 US ADP  (1:15 pm GMT)

US ISM services PMI (3:00 pm GMT)

Apr 7th, 2023, US Nonfarm payroll (1:30 pm GMT)

Factors to watch for Bitcoin price action-

 US markets -

 NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index showed follow thorough buying and jumped more than 400 points. The index is holding above 13000, a jump of 13725.

  According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in May increased to 56.2% from 40.2% a week ago.

Technicals-

Major support- $27200.  Any break below will take it to the next level at $26600/$25000 is possible.

Bull case-

Primary supply zone -$30000. The breach above confirms minor bullishness. A jump to the next level of $37000/$43200/$48500 is possible.       

 Secondary barrier- $52200. A close above that barrier targets $60000/$69000.

It is good to buy on dips around $25000 with SL around $23000 for TP of $30000.