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  • 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.

BTC/USD daily chart

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).