Although BTC failed to close above $6,250 yesterday, the green candle has established a bullish price-relative strength index (RSI) divergence (lower lows in price and higher lows in the RSI).

Meanwhile, the money flow index (MFI) – a momentum indicator that incorporates both price and volume into its calculations – has also created a higher low as opposed to lower lows in price (bullish divergence). The MFI is rising too, indicating an increase in buying pressure.

Clearly, the indicators are aligned in favor of a corrective rally in the short-term. That said, the bulls face an uphill task as a number of key resistance hurdles await:

$6,417 (10-day moving average)
$6,425 (April low)
$6,500 (April 6 low)
$6,533 (March 30 low)
$6,680 (falling channel resistance)
Still, the longer outlook remains bearish, with bitcoin still trading in a falling channel.

Below $6,000 (February low), major support levels are located at:

$5,755 (Sunday's Doji candle low)
$5,400 (November low)
$5,090 (rising wedge breakdown target)
So, there is a lot of room to the downside and plenty resistance to the upside, and the bulls' task doesn't look an easy one.

View
BTC remains on the hunt for a corrective rally to $6,680 (falling channel hurdle). A daily close (as per UTC) above that level would confirm a short-term bearish-to-bullish trend change and would open the doors to the 50-day moving average, currently located at $7,464.

On the downside, a close below $6,000 (February low) would put the focus back on the long-term bearish technicals and boost odds of a drop toward $5,40 (Nove