FxWirePro- BTCUSD predictions

BTCUSD is trading in a narrow range between $16293 and $17393 for the past three weeks. The digital currency is still trading below the realized value of $19700. Global markets formed a minor bottom especially, NASDAQ showed a minor pullback also supporting BTC at lower levels. Markets wait for US CPI tomorrow for further direction.

The chance of a hawkish rate hike by the Fed got diminished after mixed US jobs data increased demand for riskier assets like BTC.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bullish (Positive for BTC). The index showed a minor profit booking after two days of the rally. Any close above 11360 will push the NASDAQ lower to 11625.

US bond yields (Bearish)- Bullish for BTC. The US 10-year yield lost more than 5% after jobs data. Any break and close below 3.32% confirm the further bearish trend. The yield spread between 10 and 2-year narrowed to -69 basis points from -77 bpbs.

Technicals-

Major support- $16000. Any break below will take you to the next level at $15600/$14800/$13000.

Bull case-

Primary supply zone -$17400. The breach above confirms minor bullishness. A jump to the next level of $17600/$18400 is possible. Minor bullish continuation if it breaks $18400. A jump to $21500 is possible.          

 Secondary barrier- $21500. A close above that barrier targets $22800/$25000.

It is good to buy on dips around $16000 with SL around $13500 for TP of $21500.