FxWirePro- BTCUSD Daily Outlook

BTCUSD spared some of its gains on risk aversion. It hit a high of $57737 yesterday and is currently trading at around $54725.

According to the santiment, in the past two days, around 28319 BTC and 5738 BTC have been accumulated by Whales.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 70.50% from 22% a week ago.

  US markets -

 NASDAQ (negative correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades weak as Super Micro Computer reported dismal quarterly numbers. Any close below 17800 will drag the index to 17000.

 Technicals-

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

Minor support- $54500.  Any break below will take it to the next level at $53000/$50000/$46000.

 Bull case-

Primary supply zone -$58000.  Any break above confirms a bullish continuation. A jump to $60000/$63000/$65000/$70000 is possible.      

  Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

 It is good to buy on dips around $55000 with SL around $52000 for TP of $63000/$67000.