FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor decline on risk aversion.It hit a low of $63227 yesterday and is currently trading at around $64137.

MicroStrategy (MSTR) founder and Chairman Michael Saylon commented “Bitcoin has become a political force.”

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades lower due to a massive sell-off in chip stocks. Any close below 19700 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 85.10% 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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