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FxWirePro- BTCUSD Daily Outlook

Thu, 25 Apr 2024, 02:52 am UTC

BTCUSD consolidating in a narrow range between $67249 and $65837 for the past two days. It hit a high of $67057 at the time of writing and is currently trading around $66054.

US major investment banker Morgan Stanley has filed a prospectus to add BTC in two of its funds. The company already filed for BTC exposure in twelve of its funds earlier this month.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ showed a minor pullback after upbeat Tesla earnings.. Any close above 18000 will take the index to 18500/18700.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 84.60% from 82.70% a week ago.

Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $60000. Any break below will take it to the next level at $55990/$51825.

Bull case-

Primary supply zone -$67500. Any break above confirms a bullish continuation. A jump to $70000/$73500 is possible.

Secondary barrier- $75000. A close above that barrier targets $80000.

It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.

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