FxWirePro- BTCUSD and BTC/ETH ratio

BTCUSD  is consolidating in a narrow range between $15784 and $17130 after a major sell-off.  The pair dropped more than $6000 after the FTX collapse. The FTX drainer, hacker swapped 5000 ETH for $347 renBTC yesterday dragging crypto further lower. BTC hits a low of $15479 at the time of writing and currently trading around $15729.

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 after hitting a high of 12090. Any close above 12100 will push the NASDAQ higher to 12460.

US bond yields (Bullish)- Bearish for BTC.  T The US 10-year yield recovered more than 4.5% after hitting a low of 3.671%. The US 10 and 2-year spread widened to -69.7 basis points from -57 bpbs.

BTC ETH ratio-

BTC ETH ratio surged past 55 EMA in the daily chart showing that BTC to outperform ETH in the coming days.

Technicals-

Major support- $15000. Any break below will take you to the next level at $12570/$10000.

Bull case-

Primary supply zone -$17200. The breach above confirms minor bullishness. A jump to the next level of $17480/$18000/$18507/$19220 is possible. Bearish invalidation only if it breaks $25000.          

 Secondary barrier- $25300. A close above that barrier targets $30000/$32300.

It is good to buy on dips around $12950 with SL around $10000 for TP of $20000.