FxwirePro- BTCUSD Daily Outlook

BTCUSD showed a minor sell-off despite mixed US economic data. It hit a low of  $60122 and is currently trading at around $60160.

The number of people who have filed for unemployment benefits last week rose by 4000 to 232000 compared to a forecast of  228000.

US flash services PMI surged to 55.2 in Aug vs 54 expected. While flash manufacturing declined  to 48 compared to an estimate

The entire crypto market jumped slightly after the dovish FOMC meeting.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 67.5% from 75% a week ago.

US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades weak ahead of the Jackson Hole symposium. Any close below 19300 will drag the index to 19000.

 Technicals-

BTCUSD trades above the short-term moving average 21 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 $54500-/$53000/$50000/$46000.

 Bull case-

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

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

 It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.