FxWirePro- BTCUSD Daily Outlook

BTCUSD is consolidating after hitting a multi-month high. It hit a low of $65542 yesterday and is currently trading at around $66366.

According to data from Lookonchain, Mt GOX moved 37477 BTC on Wednesday. BTC Spot ETF has seen minimum outflows of $77.80 million on Tuesday after one week of inflows.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ futures showed a minor sell-off despite strong earnings from Alphabet. Any close below 19470 will take the index to 19000.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep deceased to 91.40% from 95.90% 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- $63000. Any break below will take it to the next level at $60000/$57000/$53000/$50000.

Bull case-

Primary supply zone -$70000. Any break above confirms a bullish continuation. A jump to $75000 is possible.

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

It is good to buy on dips around $63000 with SL around $60000 for TP of $75000.

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