FxWirePro: BTCUSD Predictions

BTCUSD's price trading in a narrow range between $29170 and $27236 for the past 11 days despite strong US jobs data. The economy has added 236000 jobs in March, compared to expectations of 228000. BTC hits an intraday high of $28506 and currently trading around $28427.

Markets eye US FOMC meeting minutes for further direction.

Major economic data for the Week

Apr 12th, 2023  US CPI (12:30 pm GMT).

                             BOC monetary policy report (2:00 pm)

                             FOMC Meeting Minutes (2:00 pm)

Apr 13th, 2023 US PPI  (12:30 pm GMT)

Apr 14th, 2023 Core retail sales m/m

                           Prelim UoM consumer sentiment

Factors to watch for Bitcoin price action-

 US markets -

 NASDAQ (positive correlation with BTC)- Bullish (positive for BTC). The index pared some of its gains. The index is holding above 13000, a jump of 13725.

 According to the CME Fed watch tool, the probability of a no-rate hike in May increased to 34% from 28.8% a day 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.