FxWirePro- BTCUSD Daily Outlook

BTCUSD trades weak on risk aversion.It hit a low of $58456 and is currently trading around $61172.

The US and German governments transferred 3940 BTC and 750 BTC respectively

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered slightly ahead of US GDP data. Any close above 20000 will take the index to 20500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 56.300% from 57.50% 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- $58000 Any break below will take it to the next level at $56000/$50000.

Bull case-

Primary supply zone -$65000. Any break above confirms a bullish continuation. A jump to $70000/$75000 is possible.

Secondary barrier- $75000. A close above that barrier targets $100000.

It is good to sell on rallies around $65000 with SL around $70000 for TP of $50000.

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