FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD has traded in a narrow range between $28617 and $27160 for the past week. It hit a high of $28288 yesterday and is currently trading around $27752.

The demand for safe-haven assets like gold and Crypto will increase after the Israel and Palestine conflict. Israel declares war against Palestine as intense fighting continues in major areas after the Hamas surprise attack by Palestine militants Hamas. According to NBC News, at least 700 Israelis have been killed and 313 Palestinian deaths reported by Palestinian Health Ministry.

Major economic data for the week 

Oct 11th, 2023, US PPI (12:30 pm GMT)

Oct 12th, 2023, US CPI (12:30 pm GMT)

Oct 13th Prelim UoM consumer sentiments (2 pm GMT)

Factors to watch for Bitcoin price action- 

  US markets -

 NASDAQ (positive correlation with BTC) - Bearish (neutral for BTC). The correlation between Bitcoin and NASDAQ diverged and 90 -the day correlation dropped to almost zero. Any close above 15000 will take the index to 15300/15800.

According to the CME Fed watch tool, the probability of a no-rate hike in Nov decreased to 78.30% from 81.70% a day ago.

Technicals-

Major support- $24750.  Any break below will take it to the next level at $23300/$22000/$20000 if possible.

 Bull case-

Primary supply zone -$32000. The breach above confirms minor bullishness. A jump to the next level of $36300/$40300/$41349 is possible.      

  Secondary barrier- $42600. A close above that barrier targets $48800/$50000.

 It is good to buy on dips around $24000 with SL around $22000 for TP of $35000/$40000.