Strength of BTC calculated based EMA in 4-Hour chart
| Pair | Value | Recommendation |
| BTCUSD | 85.64 | Neutral |
BTCUSD showed a dead cat bounce after a massive sell-off. The pullback in equities is supporting BTC at lower levels. Market eyes US Non-farm payroll for further direction. Mt.Gox releases updates on Bitcoin repayment could put pressure on the pair at higher levels. It hits a high of $22490 at the time of writing and currently trading around $21580.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Positive (Bullish for BTC). The index holds above 12000 after forming a bottom of 11316. Any close above 12250 confirms a bullish continuation.
US bond yields (Weak)-Positive for BTC. US 10-year yield gained 10% from the minor bottom 2.74%.
Technicals-
Major support- $21000. Any break below will take the pair to next level $20000/$18600/$17500/$16200 is possible.
Bull case-
Primary supply zone -$22500. The breach above confirms minor bullishness. A jump to the next level of $25400/$30000 is possible.
Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
It is good to sell on rallies around $22280-300 with SL around $25000 for TP of $15000.
