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Stuck Below $70K: BTC Consolidation Turns Bearish – Target $64K?

 

BTCUSD is consolidating in a narrow range and struggling to close above $70000.  It hits an high of $70089 yesterday and is currently trading around $67769.

 

Technicals

CMP -$67769

Trend

4- Hour chart

Value

 

 

55 EMA

$69433

CMP < 55 EMA

Bearish

200- EMA

$77284

CMP < 200- EMA

Bearish

365- EMA

$82494

CMP < 365 EMA

Bearish

 

 

Major support- $64000/$60000/$52500/$50000. Minor bullishness only above $72500.

 

Momentum indicator (1-hour chart)

Inference

Value

CCI(50)

Bearish

-17.81

ADX

Neutral

 

 

It is good to sell on rallies around $70000 with SL around $72280 for a TP of $65000/$64000.

 

 

 

 

 

 

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