FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback after the Fed monetary policy. It hit a high of $59395 at the time of writing and is currently trading around $57831.

Fed hinted that rate hikes were not on the agenda and did not change its “minimum three rare cuts” stance.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ gained slightly after a less hawkish Fed monetary policy. Any close above 17500 will take the index to 18000.

According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.10% from 83.50% 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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