FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor pullback after US PCE data. It hit a high of $59905 and is currently trading at around $59472.

According to Coinglass, BTC ETF has seen outflow for the past three days totaling $103.8 million.

Strong labor market and better-than-expected GDP data pushed BTC prices higher to $6112 yesterday.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 69.50% from 66% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ recovered after weak US inflation data. Any close above 20000 will take the the index to 20500.

Technicals-

BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

In daliy chart also BTC hols below short and long term moving average. This confirms minor weakness. A dip to

Minor support- $57000. Any break below will take it to the next level at $54500/$53000/$50000/$46000.

Bull case-

Primary supply zone -$61200. Any break above confirms a bullish continuation. A jump to $61800/$63000/$65000/$67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - Neutral

It is good to sell on rallies around $61170-200-900 with SL around $63000 for TP of $54500/$51000.

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