FxWirePro- BTCUSD Predictions

FxWirePro- BTCUSD Predictions

BTCUSD  pared some of its gains after upbeat US jobs data. US economy has added 315000 jobs in Aug compared to a forecast of 295K. The rate of unemployment rose to 3.7% vs an estimated 3.5%. Average hourly earnings came at 0.30% below the consensus of 0.40%. The minor sell-off in US treasury yields supports BTC at lower levels.BTC hits a low of $19526 and currently trading around $19916.
 
Factors to watch for Bitcoin price action-
 
US markets -

NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index dropped more than 12% from a minor top of 13727. Any close below 12000 confirms a bearish continuation.
 
US bond yields (Bullish)-Negative for BTC.  US 10-year yield declined more than 3.5% from the recent high of 3.29%.
 
Technicals-
Major support- $19000. Any Break below will take to the next level at $17500/$15800 is possible.
 
Bull case-
Primary supply zone -$20600. The breach above confirms minor bullishness. A jump to the next level of $220000/$23020/$23530/$24500/$25400/$30000 is possible.          
  
 Secondary barrier- $33000. A close above that barrier targets $37000/$4000.
 
It is good to sell on rallies around $21000 with SL around $22500 for TP of $15800.