FxWirePro- BTCUSD Daily Outlook

BTCUSD trades weak with intraday bias remains neutral. It hit a low of $58104 and is currently trading at around $58500.

Micro strategy company acquired an additional 18300 BTC at $60408 and total holdings reached 244800 BTC.

BTC ETF has seen inflows of $263 billion on Friday, the highest in 50 days.

According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 59% from 30% a week ago.

US markets -

 NASDAQ (No correlation with BTC) - Bearish  (neutral for BTC). The NASDAQ trades high ahead of US Fed monetary policy.  Any close above 20000 will take the index to 20500.

 Technicals-

BTCUSD trades below the short-term moving average 34- EMA above 55 EMA and below the long-term moving average (200 EMA) in the 4-hour chart.

In the daily chart, BTC holds below short and long-term moving averages. This confirms a minor weakness.

Minor support- $57000.  Any break below will take it to the next level at $55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$60800.  Any break above confirms an intraday bullishness. A jump to $61800/$63000/$65000/$67000/$70000 is possible.      

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

Indicator (4-hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Neutral

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