BTCUSD trades weak after US NFP data. It hit a low of $52530 and is currently trading at around $55268.
US economy added 142k new jobs in Aug, below the forecast of 160K. Unemployment ticked lower to 4.2% from 4.3%.
BTC ETF has seen outflows of $1.2 billion between Aug 30th and Sep 6th. BTC Whales bought 4014 BTC valued at $227.7 million last week.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep increased to 75% from 70% a week ago.
US markets -
NASDAQ (negative correlation with BTC) - Bearish (neutral for BTC). The NASDAQ trades weak after mixed US Non-Farm- Payroll data. Any close below 18000 will take the index to 17400.
Technicals-
BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.
In daily chart also BTC holds below short and long-term moving averages. This confirms a minor weakness.
Minor support- $52000. Any break below will take it to the next level at $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 (1-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to buy on dips around $54500 with SL around $52000 for TP of $63000.
