FxWirePro- BTCUSD Daily Outlook

Potential reversal zone- $52530.

BTCUSD gained slightly after dovish Fed chairman's speech. It hit a low of  $62859 yesterday and is currently trading at around $63821.

BTC ETF

BTCETF saw inflows of $61.3M yesterday led by BlackRock 72.2 million USD. According to Spot On Chain data.

Binance's BTC long-to-short ratio slightly rose by 1.56% to 1.1. and above indicates asset price to rise.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ holds above 20000 ahead of US ISM PMI. Any close above 20000 will take the index to 20500.

 Technicals-

BTCUSD trades below the short-term moving average 34- EMA and 55 EMA and the above 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 $57000/$55000/$52500/$50000/$46000.

 Bull case-

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

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

Indicator (4-hour chart)

CCI (50)- Bearish

Average directional movement Index - Bearish

It is good to buy on dips around $62700 with SL around $60000 for TP of $70000.