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The pair even broke the $6,600 level and traded as high as $6,680. At the moment, it is consolidating gains above the $6,500 level. An initial support is around the 23.6% Fib retracement level of the last wave from the $6,238 low to $6,680 high. However, the most important support on the downside is at $6,500, which was a resistance earlier.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in a bearish zone with consolidation signs.

Hourly RSI (Relative Strength Index) – The RSI is correcting from the overbought levels.

Major Support Level – $6,500

Major Resistance Level – $6,800


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