FxWirePro- BTCUSD forms inverted head and shoulder pattern, good to buy on dips

Chart pattern- Inverted Head and Shoulder

Potential reversal zone- $52530.

BTCUSD showed a minor jump of nearly $1000 from a minor bottom of $57477. It hit a high of $58777 and is currently trading at around $58506.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 30% a week ago.

US markets -

NASDAQ (No correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades high as markets expect 50 bpbs rate cut this Wednesday. Any close above 20000 will take the index to 20500.

Technicals-

BTCUSD trades above the short-term moving average 34- EMA below 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/$52500/$50000/$46000.

Bull case-

Primary supply zone -$60800. Any break above confirms an intraday bullishness. A jump to $61800/$63000/$65000/$67000/$70000 is possible.

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

Indicator (8-hour chart)

CCI (14)- Bearish

CCI (50)- Bullish

Average directional movement Index - Neutral

It is good to buy on dips around $57500-550 with SL around $52000 for TP of $70000.

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