Bitcoin Technical Analysis: BTC/USD rises above 20-DMA as bearish pressure eases
|- Following yesterday's sentiment-led heavy sell-off, major cryptocurrencies on Wednesday recover recent losses with BTC/USD adding more than 1% on the day.
- The RSI indicator on the daily chart edges higher toward the 50 mark, suggesting that the bearish momentum is losing strength.
- A daily close above the 20-DMA could open the door for more recovery gains in the short-term.
Spot rate: 6365
Relative change: 1%
High: 6400
Low: 6280
Trend: Neutral/ Bearish
Support 1: 6270/6300 (Jun. 14 low/20-DMA).
Support 2: 5750 (2018 low/Jun. 24 low).
Support 3: 5500 (Oct. 24, 2017, low).
Resistance 1: 6830 (50-DMA).
Resistance 2: 7000 (psychological level).
Resistance 3: 7750 (Jun. 7 high/horizontal level).
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