FxWirePro- BTCUSD Daily Outlook

BTCUSD trades weak ahead of US NFP data. It hit a low of  $55282 and is currently trading at around $55958.

The number of large investors holding between 100 BTC and 1000 BTC has reached 17- a month high to 16120. This shows that Whales are buying BTC at lower levels.

BTC ETF has seen an outflow of $211 million, seventh consecutive day.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 57% from 70% a week ago.

US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades weak ahead of US Non-Farm- Payroll data. Any close above 20000 will take the index to 20500.  

 Technicals-

BTCUSD trades below the short-term moving average of 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

In the Daily chart also BTC holds below the short and long-term moving averages. This confirms minor weakness.

Minor support- $54000.  Any break below will take it to the next level at $53000/$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 (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - Neutral

 It is good to sell on rallies around $59745-750 with SL around $56000 for TP of $50000.