FxWirePro- Buy BTCUSD on dips

Chart pattern- Inverted Head and Shoulder

Potential reversal zone- $52530.

BTCUSD broke the neckline and held above that level after the Fed rate cut. It hit a high of $62736 at the time of writing and is currently trading at around $62699.

US Fed cut rates by 50 bpbs yesterday to 4.75% -5% compared to a market estimate of 25 bpbs. The central bank mentioned that Job gains have slowed and inflation is moving towards fed target of 2% but remains slightly elevated.

BTCETF saw inflows of $250 million on Monday led by iShares Bitcoin drew $15.8 million.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ trades higher after the 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 below 55 EMA and 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 -$63000.  Any break above confirms a intraday bullishness. A jump to $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 - Bullish

 It is good to buy on dips around $61500 with SL around $58500 for TP of $70000.