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FxWirePro- BTCUSD Daily Outlook

Tue, 11 Jun 2024, 02:18 am UTC

BTCUSD pared some of its gains on strong US jobs data on Friday. It hit a low of $68450 yesterday and is currently trading around $69347.

The surge in US jobs has decreased the chance of rate cut by fed in Sep.Markets eye Fed moentary polciy on Wednesday for furtehr direction.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared some of its gains as dimishning rate cut hopes. Any close above 19100 will take the index to 19500.

According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 97.50% from 98.90% a week ago.


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 $65000/$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 $65000 with SL around $63000 for TP of $75000.

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