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Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K

Bitcoin is up more than 4% and it broke the key $6,500 resistance area against the US Dollar. BTC price is forming a solid bullish trend and it could soon rally towards $7,000 or $7,200.

Bitcoin started a fresh increase after testing the $6,200 support area against the US Dollar.
The price is up close to 5% and it surpassed the $6,500 and $6,600 resistance levels.
There is a short term contracting triangle forming with resistance near $6,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher above the $6,650 and $6,800 resistance levels in the near term.

Bitcoin Gaining Traction
Yesterday, we saw a few bullish signs above $6,200 for bitcoin against the US Dollar. BTC price corrected a few points from the $6,600 resistance area, but it remained well bid near the $6,200 support area.
It traded as low as $6,159 and recently started a fresh rally. The bulls gained strength and were able to push the price above the key $6,400 pivot area. More importantly, there was a break above yesterday’s highlighted bullish flag pattern with resistance near $6,370 on the hourly chart of the BTC/USD pair.
Bitcoin Price
It opened the doors for more upsides and bitcoin rallied above the $6,500 and $6,600 resistance levels. The price is up more than 4% and it traded to a new weekly high at $6,714.
It is currently consolidating gains above $6,600 and it is well above the 100 hourly simple moving average. An initial support is near the $6,580 level or the 23.6% Fib retracement level of the recent rally 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 same chart. If there is an upside break above the triangle resistance and $6,700, the price is likely to rally again. The next major resistance is near $6,800, above which the bulls are likely to aim $7,000 or $7,200 in the near term.
Downside Correction?
If bitcoin fails to clear the triangle resistance and $6,650 or $6,700, it could extend its downside correction. The first key support is near the $6,435 level since it is near the 50% Fib retracement level of the recent rally from the $6,159 low to $6,714 high.
The next major support is near the $6,290 level and the 100 hourly SMA, where the bulls are likely to take a strong stand.
Technical indicators:
Hourly MACD – The MACD is currently moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
Major Support Levels – $6,580 followed by $6,435.
Major Resistance Levels – $6,650, $6,700 and $7,000.
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