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.
