FxWirePro- BTCUSD Daily Outlook

FxWirePro- BTCUSD Daily Outlook

BTCUSD  trades higher on upbeat market sentiment. It hit a high of $67485  at the time of writing and is currently trading at around $67195.

According to coin glass data, Bitcoin ETF has seen three days with a total value of $480.30 million. Donald Trump will address the BTC conference on Saturday, while Kamala Harris will not attend the conference.

 US markets -

 NASDAQ (negative correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ recovered slightly after upbeat US GDP data. Markets eye US PCE data for further direction. Any close below 18700 will take the index to 18500.

According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Sep decreased to 89.60% from 94% 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- $63000.  Any break below will take it to the next level at $60000/$57000/$53000/$50000.

 Bull case-

Primary supply zone -$70000.  Any break above confirms a bullish continuation. A jump to $75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000.

 It is good to buy on dips around $63000 with SL around $60000 for TP of $75000.