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Potential reversal zone- $52530.
BTCUSD holds above $63000 on upbeat market sentiment. It hit a high of $64140 at the time of writing and is currently trading at around $63423.
The potential fed rate cuts and China’s additional stimulus program supports prices at lower levels.
BTCETF saw inflows of $92 million on Friday led by Fidelity’s FBTC with $26.1 billion.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQQ trades higher after 50 bpbs rate cut. Any close above 20000 will take the index to 20500.
Technicals-
BTCUSD trades above the short-term moving average 34- EMA 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 $57000/$55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$65000. Any break above confirms a intraday bullishness. A jump to $67000/$70000 is possible.
Secondary barrier- $70000. A close above that barrier targets $750000/$80000.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $61800 with SL around $57000 for TP of $70000.
