FxWirePro- BTCUSD Daily Outlook

BTCUSD pared some of its gains after dismal US jobs data. It hit a high of $65466 at the time of writing and is currently trading at around $64245.

US economy added 114000 jobs in Jul well below the estimate of 176000. The unemployment rate rose to 4.3% from 4.1% and average earnings dropped to 0.20%.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 70.50% from 11.50% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ lost its shine after weak US jobs data. Any close below 18000 will take the index to 17500.

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- $63000. Any break below will take it to the next level at $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 sell on rallies around $66900-$67000 with SL around $72000 for TP of $54000.

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