FxWirePro- BTCUSD Daily Outlook

BTCUSD  pared some of its gains after the upbeat US economic data.It hit a low of $66373 yesterday and is currently trading around $67104.

US durable goods orders rose 0.70% in Apr compared to a forecast of -0.90%. Core durable goods orders excluding transportation surged 0.40% in Apr vs. an Estimate of 0.10%. 

  US markets -

 NASDAQ (negative correlation with BTC) - Bullish (neutral for BTC). The NASDAQ declined slightly from an all-time high, due to profit booking.  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 98.70% from 91.1% a week ago.

 Technicals-

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.