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%.

Technicals-

Major support- $18600. Any break below will bring an end to the bullish trend, a dip to $17500/$16200/$14900/$13300 is possible.

Bull case-

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.