FxWirePro- Bitcoin Prediction

BTCUSD pared some of its gains after Fed monetary policy. The central bank hiked rates by 75bpbs, the biggest increase since 1994. The Fed's "dot plot" shows that the projection for the federal funds rate for this year moved to 3.4%. It hits a low of   $20079 and currently trading around $21223.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index breaks the previous low of  11488. Any close below 10775 (200-W MA) will drag NASDAQ to 10520/10000.

US bond yields (Bullish)- Negative for BTC.  US 10-year yield surged sharply, hitting the highest level since 2018 on a hawkish rate hike by Fed.

Technicals-

Major support- $20000. Any break below will bring an end to the bullish trend, a dip to $15000/$10000 is possible.

In the weekly chart RSI (14)- 26.45 (Oversold). Any decline can be used as an opportunity to buy.

Bull case-

Primary supply zone -$23000. The breach above confirms minor bullishness. A jump to the next level of $24850/$25400/$27000 is possible.           

 Secondary barrier- $32500. A violation above that barrier targets $37000/$40000.

It is good to buy on dips around $20000 with SL around $17000 for TP of $30000