FxWirePro- BTCUSD Daily Outlook

BTCUSD trades weak after US NFP data. It hit a low of $52530 and is currently trading at around $55268.

US economy added 142k new jobs in Aug, below the forecast of 160K. Unemployment ticked lower to 4.2% from 4.3%.

BTC ETF has seen outflows of $1.2 billion between Aug 30th and Sep 6th. BTC Whales bought 4014 BTC valued at $227.7 million last week.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 75% from 70% a week ago.

US markets -

NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades weak after mixed US Non-Farm- Payroll data. Any close below 18000 will take the index to 17400.

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 daily chart also BTC holds below short and long-term moving averages. This confirms a minor weakness.

Minor support- $52000. Any break below will take it to the next level at $50000/$46000.

Bull case-

Primary supply zone -$57000. Any break above confirms an intraday bullishness. A jump to $60000/$61800/$63000/$65000/$67000/$70000 is possible.

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

Indicator (1-hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Bullish

It is good to buy on dips around $54500 with SL around $52000 for TP of $63000.

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