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.

BTC/USD daily chart

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).