BTC/USD remains range bound on Tuesday and is trading at 6852 levels at the time of writing (Bitstamp).

On the upside, the pair is hovering around 6863 (1h 50-SMA) and a break above would target 7000/7213 (2h 50-SMA). Further strength would target 7406 (20-DMA)/7500.

On the downside, support is seen at 6647 (113% extension of 9948.98 and 7026.90) and a break below would test 6427 (April 1 low)/6232. Further weakness would drag it to 5920 (February 06 low).

Momentum studies: Bias remains bearish on the daily chart with RSI near oversold levels, bearish MACD crossover, and stochs on the verge of a rollover to oversold levels. The price action is well below major moving averages and EMAs and traders are recommended to go short on upticks.

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