|   Technicals


  |   Technicals


FxWirePro- BTCUSD Daily Outlook

BTCUSD  pared some of its gains after the hawkish Fed.It hit a low of $68878 yesterday and is currently trading around $69731.

The total bitcoin deposited on exchanges and trading platforms dropped to 1919030 BTC. This implies a bullish sentiment.


  US markets -


 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ hits a fresh all-time high after upbeat Nvidia results.  Any close above 19000 will take the index to 19200/19500.


According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 93.50% from 96.7% a week ago.




BTCUSD trades above the short-term moving average (21 and 55 EMA) and the long-term moving average (200 EMA) in the 4-hour chart.


Minor support- $67000.  Any break below will take it to the next level at  $63000/$60000/$56000/$50000.


 Bull case-


Primary supply zone -$75000.  Any break above confirms a bullish continuation. A jump to $80000 is possible.      


  Secondary barrier- $80000. A close above that barrier targets $100000.


 It is good to buy on dips around $67000 with SL around $63000 for TP of $75000.






























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