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FxWirePro- BTCUSD Daily Outlook

BTCUSD showed a minor recovery on positive market sentiment. It hit a high of  $61424 and is currently trading at around $60543.

 

According to santiment data, BTC whales have accumulated 94700 BTC in the past six weeks. BTC ETF saw an inflow of $62.10 million yesterday, according to Coinglass data.

 

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 75% from 47% a day ago.

 

US markets -

 

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades higher on strong US economic data. Any close above 1900 will take the index to 20000.

 

 Technicals-

 

BTCUSD trades above the short-term moving average 21 EMA,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 $54500-/$53000/$50000/$46000.

 

 Bull case-

 

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

 

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

 

 It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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