FxWirePro- BTCUSD Daily Outlook

Chart pattern- Inverted Head and Shoulder

Potential reversal zone- $52530.

BTCUSD showed a minor jump above neckline and struggled to hold above that level ahead of Fed monetary policy. It hit a high of $ 61377 and is currently trading at around $58506.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 14% a week ago.

US markets -

NASDAQ (No correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades flat ahead of US Fed monetary policy. Any close above 20000 will take the index to 20500.

 Technicals-

BTCUSD trades above the short-term moving average 34- EMA and below 55 EMA and below 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 $55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$61800.  Any break above confirms an intraday bullishness. A jump to $63000/$65000/$67000/$70000 is possible.      

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

Indicator (8-hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Neutral

 It is good to buy on dips around $57500-550 with SL around $52000 for TP of $70000.