FxWirePro- BTCUSD daily outlook

BTCUSD pared most of its gains on selling pressure. It hit a low of $ 59954 and currently trades around $60176.

The German government transferred 832 BTC to Bitsamp, Coinbase, and Kraken. BTC ETF has seen an outflow of $13.70 million, on Tuesday.

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades above 20000 ahead of FOMC meeting minutes. 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 increased to 59.90% from 56.30% a week ago.

Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and below the long-term moving average (200 EMA) on 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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