FxWirePro- BTCUSD Daily Outlook(European session update)

BTCUSD is consolidating after a major sell-off. It hit a low of  $57866 and is currently trading at around $59643.

The entire crypto market is under pressure despite a 100% probability of a rate cut by the Fed this Sep.

Markets eye US GDP revision and jobless claims today for further direction

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 65.50% from 64% a day ago.

US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades weak after weak guidance from Nvidia. 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.

In the daily chart also BTC holds below the short and long-term moving averages. This confirms a minor weakness. A dip to

Minor support- $57000.  Any break below will take it to the next level at $54500/$53000/$50000/$46000.

 Bull case-

Primary supply zone -$60000.  Any break above confirms a bullish continuation. A jump to $63000/$65000/$67000/$70000 is possible.      

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

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - bearish

 It is good to  sell on rallies around $6100-900 with SL around $65000 for TP of $54500/$51000.