FxWirePro- BTCUSD Daily Outlook

BTCUSD trades higher for a fourth consecutive week on safe-haven appeal. It hit a high of $37978  and is currently trading around $36892.

The escalation of war between Israel and Hamas has increased demand for safe-haven assets like gold, and crypto. Markets eye US SEC BTC ETF 12 pending application approval with an eight-day window starting on Nov 9th, 2023.

Major Economic data for the day

 Nov 10 th 2023, Prelim UoM consumer sentiment (3:00 pm GMT)

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 close above 15500 will take the index to 15800/16000.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov increased to 85.4% from 80% a week ago.

Technicals-

Major support- $35000.  Any break below will take it to the next level at $30000/$24750/$23300/$22000/$20000 if possible.

 Bull case-

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

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

 It is good to buy on dips around $35000 with SL around $30000 for TP of $50000.