Home Bitcoin News BitCoin Forex Bitcoin Technical Analysis: Bearish momentum builds up, $6000 back in sight

Bitcoin Technical Analysis: Bearish momentum builds up, $6000 back in sight

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  • BTC/USD’s mid-week recovery remains shallow, sellers retake control of the price action with the daily RSI easing back to the 40 mark.
  • Only a daily close above $6800 (critical Fibo resistance) could neutralize the short-term bearish outlook.
  • A decisive break below $6000 could open the door to new 2018 low.

BTC/USD daily chart

Spot rate:                 6180

Relative change:      -3%

High:                        6377

Low:                         6128

Trend:                     Bearish

Support 1:                6000 (psychological level/static support).

Support 2:                5750 (2018 low/Jun. 24 low).   

Support 3:                5500 (Oct. 24, 2017, low).  

Resistance 1:           6370 (50-DMA).

Resistance 2:           6800 (Fibo. 23.6% retracement of May 6 – Jun. 24 fall).

Resistance 3:           7350 (Fibo. 38.2% retracement of May 6 – Jun. 24 fall).

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