FxWirePro- BTCUSD Daily Outlook

BTCUSD is consolidating after hitting a multi-week high. It hit a high of $66129 yesterday and is currently trading at around $64551.

Black Rock BTC ETF saw massive inflows of $260 million on Tuesday and contributed $900 billion in the past week. The Asset Under Management (AUM) has crossed $18 billion since its launch in January.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ pared most of its gains as chip makers' stocks crashed due to the on-going trade war between the US and China . Any close below 19780 will take the index to 19500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 91.70% from 69.7% 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- $57000. Any break below will take it to the next level at $55000/$53000/$51825/$50000/$47000.

Bull case-

Primary supply zone -$63000. Any break above confirms a bullish continuation. A jump to $65000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $75000/$80000.

It is good to buy on dips around $60000 with SL around $57000 for TP of $75000.

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