FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD forms inverted head and shoulder pattern, good to buy on dips

Chart pattern- Inverted Head and Shoulder

Potential reversal zone- $52530.

BTCUSD broke the neckline and holds above that level on Fed rate cut and BTC ETF inflows. It hit a high of $64140 at the time of writing and is currently trading at around $63411.

BTCETF saw inflows of $158.30 million on Thursday excluding iShares Bitcoin Trust.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ trades higher after 50 bpbs rate cut. 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 the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $60000.  Any break below will take it to the next level at $57000/$55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$65000.  Any break above confirms a intraday bullishness. A jump to $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 - Bullish

 It is good to buy on dips around $61800 with SL around $57000 for TP of $70000.