Copy link
Increase text size
Decrease text size
Link copied

FxWirePro- BTCUSD Daily Outlook

Fri, 24 May 2024, 00:49 am UTC

BTCUSD pared some of its gains after the hawkish Fed.It hit a low of $68878 yesterday and is currently trading around $69731.

The total bitcoin deposited on exchanges and trading platforms dropped to 1919030 BTC. This implies a bullish sentiment.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high after upbeat Nvidia results. Any close above 19000 will take the index to 19200/19500.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 93.50% from 96.7% 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- $67000. Any break below will take it to the next level at $63000/$60000/$56000/$50000.

Bull case-

Primary supply zone -$75000. Any break above confirms a bullish continuation. A jump to $80000 is possible.

Secondary barrier- $80000. A close above that barrier targets $100000.

It is good to buy on dips around $67000 with SL around $63000 for TP of $75000.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

Back to top
Copyright ⓒ TokenPost. All Rights Reserved.