FxWirePro: BTCUSD Predictions

BTCUSD price surged more than $2000 after weak US jobs data. The US economy has added 311000 jobs in Feb from the previous month's 517000, above the estimate of 225000. The unemployment rate increased to 3.6% from 3.4%. The collapse of SVB and Signature bank has decreased the chance of a rate hike by the Fed. BTC hits a high of $22775 and currently trading around $22135.

Factors to watch for Bitcoin price action-

 US markets -

 NASDAQ (positive correlation with BTC)- Bearish (negative for BTC). The index trades in a narrow range between 12102 and 11790 for the past two days. Any daily close below 11790 will push NASDAQ prices lower to 11350.

According to the CME Fed watch tool, the probability of a 25 bpbs rate hike in Mar increased to 96% from 59.8% a day ago.

Technicals-

 Major support- $21800.  Any break below will take to the next level at $21200/$20700/$19800 if possible.

Bull case-

Primary supply zone -$23000. The breach above confirms minor bullishness. A jump to the next level of $25300 is possible. Bearish invalidation only if it breaks $25300.      

 Secondary barrier- $25300. A close above that barrier targets $30000/$37000/$4000.

It is good to buy on dips around $21500 with SL around $20000 for TP of $25250.