FxWirePro- BTCUSD Daily Outlook

-BTCUSD showed a minor pullback after US PCE data. It hit a high of $59905 and is currently trading at around $59472.

According to SoSovalue, BTC ETF has seen an outflow of $ 500 million since Aug 27th, 2024.

On Spe 2nd a BTC whale bought nearly 1000 BTC from Binance, On-chain made a post on Twitter.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 69% from 68% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ market remains closed today due to the labor market holiday. Any close above 20000 will take the index to 20500.

Technicals-

BTCUSD trades below the short-term moving average of 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

In the daily chart also BTC holds below short and long-term moving averages. This confirms a minor weakness. A dip to

Minor support- $57000. Any break below will take it to the next level at $54500/$53000/$50000/$46000.

Bull case-

Primary supply zone -$61200. Any break above confirms a bullish continuation. A jump to $61800/$63000/$65000/$67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - bearish

It is good to sell on rallies around $61170-200-900 with SL around $63000 for TP of $54500/$51000.

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