FxWirePro- BTCUSD Daily Outlook

BTCUSD declined below $60000 ahead of US Fed monetary policy.It hit a low of $56500 at the time of writing and is currently trading around $57756.

Hongkong BTC and ETH ETF showed a slower response total first-day trading volume of about $12.8 million very low compared to the US trading volume of $4.6 billion.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ is trading weak as markets eye the US Fed dot plot for further movement. Any close above 17000 will take the index to 16500.

According to the CME Fed watch tool, the probability of a no-rate cut in May increased to 98.40% from 95.90% a week ago.

Technicals-

BTCUSD trades below the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $56000. Any break below will take it to the next level at $51825/$50000.

Bull case-

Primary supply zone -$63500. Any break above confirms a bullish continuation. A jump to $67500/$70000/$73500 is possible.

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

It is good to sell on rallies around $60000 with SL around $63500 for a TP of $50000.

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