FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD is trading weak on weak market sentiment. It hit a low of $65306 yesterday and is currently trading at around $66045.

BTC ETF has seen an inflow of 2129 BTC on Tuesday. According to lookonchain, Mr.Gox moved 47229 BTC on Wednesday.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades flat ahead of Fed monetary policy. Any close below 18700 will take the index to 18500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 89.60% from 90% 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- $65000. Any break below will take it to the next level at $63000/$60000/$57000/$53000/$50000.

Bull case-

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

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

It is good to buy on dips around $65000 with SL around $63000 for TP of $75000.

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