FxWirePro- BTCUSD  Daily Outlook

Potential reversal zone- $52530.

BTCUSD holds above $63000 on upbeat market sentiment. It hit a high of $64140 at the time of writing and is currently trading at around $63423.

The potential fed rate cuts and China’s additional stimulus program supports prices at lower levels.

BTCETF saw inflows of $92 million on Friday led by Fidelity’s FBTC with $26.1 billion.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQQ 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.