FxWirePro- BTCUSD Daily Outlook

BTCUSD trades positive on upbeat market sentiment.  It hit a high of  $58560 and is currently trading at around $58560.

According to Santiment, Bitcoin wallets holding less than 1 BTC are accumulating aggressively.  The positive mood in BTC from crowd surges to a 1-year high.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 43% from 30% a week ago.

US markets -

 NASDAQ (No correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades high on easing US CPI and PPI data. Any close above 20000 will take the index to 20500.

 Technicals-

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

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

Minor support- $57000.  Any break below will take it to the next level at $55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$58975.  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)- Bullish

CCI (50)- Bullish

Average directional movement Index - Neutral

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