Yesterday, Bitcoin made a few bullish signs above $6,200 against the USD. It made a slight downward correction from the $6,600 resistance area, but remained well bid near the $6,200 support area.

The BTC price traded as low as $6,159 and recently started a fresh increase. The price gained momentum and managed to break above the key $6,400 support area. Notably, there was a break above yesterday’s highlighted bullish trend line with resistance near $6,370, on the BTC/USD hourly chart.

This paved way for more upsides and bitcoin rallied above the $6,500 and $6,600 resistance levels. The price went up over 4% and it traded to a new weekly high at $6,714. BTC is currently consolidating gains above $6,600 and it is well bid above the 100 hourly simple moving average (SMA).

On the downside, an initial support is seen near the $6,580 level or the 23.6% Fib retracement level of the recent uptrend from the $6,159 low to $6,714 high. There is also a short term contracting triangle forming, with resistance near $6,650 on the BTC/USD hourly chart.

If the price fails to clear the triangle resistance and $6,650 or $6,700, the current downside correction could be extended. The first major support is near the $6,435 level since it is near the 50% Fib retracement level of the recent uptrend from the $6,159 low to $6,714 high. The next major support is close to the $6,290 level and the 100 hourly SMA, where the bulls are likely to take a stand.

On the upside, a successful break above the triangle resistance and $6,700 could lead the price to rally again. The next major hurdle is seen near the $6,800 level. A break above this level could likely lead the bulls to $7,000 or $7,200 in the near term.

Technical Indicators:The hourly MACD for the BTC/USD pair is currently moving nicely in the bullish zone. The hourly RSI (Relative Strength Index) for the pair is currently well above the 60 level. Major support levels are at $6,580 and $6,435, whereas major resistance levels