FxWirePro- BTCUSD Predictions

BTCUSD pared most of its gains after upbeat US CPI data.  US CPI hits a 40-year high at 9.1% yearly basis in June compared to market expectations of 8.8%. The surge in inflation has increased the chance of a 100 bpbs rate hike by the Fed in the next meeting. It hits a low of $19364 at the time of writing and currently trading around $19720.

Factors to watch for Bitcoin price action-

US markets -

NASDAQ (positive correlation with BTC)- Negative (Bearish for BTC). The index continues to trade lower for the fourth consecutive day and holds below 12000. Any close below 11300 confirms a bearish continuation.

US bond yields (Mixed)-Neutral for BTC.  US 10-year yield lost more than 6% from a minor top 3.10%.

Technicals-

Major support- $19000. Any break below will take the pair to next level $18600/$17500/$16200 is possible.

Bull case-

Primary supply zone -$20500. The breach above confirms minor bullishness. A jump to the next level of $22500/$25400/$30000 is possible.          

 Secondary barrier- $33000. A close above that barrier targets $37000/$4000.

It is good to sell on rallies around $20580-600 with SL around $225000 for TP of $15000.