FxWirePro- BTCUSD Daily Outlook

BTCUSD hit a multi-month low as demand for safe-haven assets increased.BTC hits a low of $26172 and currently trading around $26407.

According to the wall street journal, Elon Musk founded SpaceX and has sold off its $373M Bitcoin holdings (negative for Bitcoin).

The number of people who have filed for unemployment benefits declined by 11000 to 239000 for the week ending Aug 12th, 2023, compared to a forecast of 240000. US Philly fed manufacturing index jumped to 12 vs -10 expected.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (positive correlation with BTC) - Bearish (neutral for BTC). The correlation between Bitcoin and NASDAQ diverged and 90 -the day correlation dropped to almost zero. Any decline below 14500 will take the index to 14000.

According to the CME Fed watch tool, the probability of a no-rate hike in Sep decreased to 88.5% from 90% a week ago.

Technicals-

Major support- $25000.  Any break below will take it to the next level at $23800/$23300/$2000 if possible.

 Bull case-

Primary supply zone -$32000. The breach above confirms minor bullishness. A jump to the next level of $36300/$40300/$41349 is possible.      

  Secondary barrier- $42600. A close above that barrier targets $48800/$50000.

 It is good to buy on dips around $25000 with SL around $20000 for TP of $40000.