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FxWirePro- BTCUSD Predictions and Strength Index
Strength of BTC calculated based EMA in 4-Hour chart
BTCUSD trades lower for a third consecutive day on weak market sentiment and holds below $20000. US dollar gained strength despite weak economic data also putting pressure on BTC at higher levels. It hits a low of $18910 at the time of writing and currently trading around $19067.
Michael Saylor's Micro Strategy bought 480 BTC this week and holds around 130000 BTC in their portfolio.
Factors to watch for Bitcoin price action-
US markets -
NASDAQ (positive correlation with BTC)- Weak (Bearish for BTC). The index lost more than 6% from a minor top of $12226. Any close below 11000 confirms a bearish continuation.
US bond yields (Weak)-Positive for BTC. US 10-year yield pared more than 15% from the year high of 3.49%.
Major support- $18600. Any break below will bring an end to the bullish trend, a dip to $17500/$16200/$14900/$13300 is possible.
Primary supply zone -$19600. The breach above confirms minor bullishness. A jump to the next level of $20000/$21500/$22500 is possible.
Secondary barrier- $22500 (200 W MA). A close above that barrier targets $28000/$30000.
It is good to sell on rallies around $19625-650 with SL around $210000 for TP of $15000.