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

• 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).