BTCUSD | Trade idea
BTCUSD is trading weak ahead of the US Non-Farm Payroll (NFP) data, having hit a low of $55,282 and currently hovering around $55,958.
The number of large investors holding between 100 and 1,000 BTC has reached a one-month high of 16,120, indicating that whales are buying BTC at lower levels.
BTC ETFs have experienced an outflow of $211 million, marking the seventh consecutive day of withdrawals.
According to the CME FedWatch tool, the probability of a 25 basis point rate cut in September has dropped to 57% from 70% a week ago.
US Markets:
NASDAQ (negative correlation with BTC): Bearish but neutral for BTC, trading weak ahead of the NFP data. A close above 20,000 could push the index to 20,500.
Technical Analysis:
BTCUSD is trading below the short-term 34-EMA and 55-EMA, as well as the long-term 200-EMA on the 4-hour chart, indicating weakness.
On the daily chart, BTC remains below both short- and long-term moving averages, confirming minor weakness.
Support Levels:
Minor support at $54,000. A break below could push BTC to $53,000/$50,000/$46,000.
Bullish Scenario:
Primary supply zone: $57,000. A break above this level could confirm intraday bullish momentum with potential targets of $60,000/$61,800/$63,000/$65,000/$67,000/$70,000.
Secondary barrier: $70,000. A close above could target $75,000/$80,000.
The number of large investors holding between 100 and 1,000 BTC has reached a one-month high of 16,120, indicating that whales are buying BTC at lower levels.
BTC ETFs have experienced an outflow of $211 million, marking the seventh consecutive day of withdrawals.
According to the CME FedWatch tool, the probability of a 25 basis point rate cut in September has dropped to 57% from 70% a week ago.
US Markets:
NASDAQ (negative correlation with BTC): Bearish but neutral for BTC, trading weak ahead of the NFP data. A close above 20,000 could push the index to 20,500.
Technical Analysis:
BTCUSD is trading below the short-term 34-EMA and 55-EMA, as well as the long-term 200-EMA on the 4-hour chart, indicating weakness.
On the daily chart, BTC remains below both short- and long-term moving averages, confirming minor weakness.
Support Levels:
Minor support at $54,000. A break below could push BTC to $53,000/$50,000/$46,000.
Bullish Scenario:
Primary supply zone: $57,000. A break above this level could confirm intraday bullish momentum with potential targets of $60,000/$61,800/$63,000/$65,000/$67,000/$70,000.
Secondary barrier: $70,000. A close above could target $75,000/$80,000.
Note
BTC hit ATHTrade closed: target reached
Market have reached our target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.