Bitcoin Technical Analysis: BTC/USD erases more than $300 on Tuesday, daily RSI turns south below 50
|- BTC/USD drops below $6400 to retrace all of its gains from the previous week as negative sentiment allows sellers to continue to dominate the market.
- Daily RSI fails to stay above 50 suggesting that the bearish momentum is gathering strength.
- 2018 low that was set in late June at $5750 aligns as the next critical target in the short-term.
Spot rate: 6381.1
Relative change: -4.3%
High: 6685.8
Low: 6324.8
Trend: Bearish
Support 1: 6270 (Jun. 14 low/horizontal level).
Support 2: 5750 (2018 low/Jun. 24 low).
Support 3: 5500 (Oct. 24, 2017, low).
Resistance 1: 6800/6850 (daily high/20-DMA).
Resistance 2: 7000 (psychological level).
Resistance 3: 7750 (Jun. 7 high/horizontal level).
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