FxWirePro- BTCUSD Daily Outlook

BTCUSD's price has traded flat with a positive bias in the past week. It hit a high of $43366 yesterday and is currently trading around $ 42897.

The Chinese market crashed due to the real estate crisis and investors turned to safe assets like BTC ETF.

Factors to watch for Bitcoin price action-

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ recovered more than 100 points on strong earnings from Palantir Technologies. Any break above 17800 will take the index to 18000/18200.

    According to the CME Fed watch tool, the probability of a no-rate cut in  Mar increased to 78.50% from 58.80% a week ago.

 Technicals-

BTCUSD trades above the short-term moving average (21 and 55 EMA) and above the long-term moving average (200 EMA) in the daily chart.

Minor support- $41700.  Any break below will take it to the next level at $41400/$40700/$38500.

 Bull case-

Primary supply zone -$44000.  Any surge past this level confirms an intraday bullishness. A jump to $45000/$46180/$49050 is possible.      

  Secondary barrier- $50000. A close above that barrier targets $52500/$60000.

 It is good to buy on dips around $42000 with SL around $40700 for TP of $50000.