Bitcoin (BTC) Price Near Inflection Point: Fresh Increase Likely

Bitcoin price declined heavily yesterday and traded close to the $6,650 support against the US Dollar.
The price traded as low as $6,645 and it is currently recovering towards the $7,400 level.
There is a key bearish trend line forming with resistance at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair needs to clear the $7,400 and $7,512 resistance levels to start a strong upward move.Bitcoin price seems to be forming a new support base above $7,000 against the