There has been a sharp spike in bitcoin price over the $25,000 resistance in the past few days. The BTC also soared past support levels of $26,500 and $27,000. Finally, the market surged above the rate of $28,000 and settled well above the clear moving average of 100 hourly.
Near $28,360 before the price began a downside reversal, a new all-time high was made. It was trading sharply under the $27,000 level. There was also a break from the $24,532 swing low to $28,361 high under the 50 percent Fib retracement stage of the upward step. The bulls, however, were involved around the support range of $26,000. As an effective support, the 61.8 percent Fib retracement level of the upward step from the $24,532 swing low to $28,361 high also acted.
A new raise above the $26,500 resistance began with the Bitcoin price. On the hourly chart of the BTC/USD pair, there was also a break above a big contracting triangle of resistance around $26,800. The pair are now trading over the amount of $27,000.
The initial upside support is close to the $27,275 level. A strong break above the resistance of $27,275 could open the doors for a fresh run towards the near-term ranges of $28,000 and $28,400.
If bitcoin fails to clear the resistance level of $27,275, it could lower the correction. The initial downside support is around the $26,800 zone and the trend line of the broken triangle.
Near the $26,500 mark is the first major support. The key support is still near the level of $26,000, below which in the coming sessions there is a chance of a sustained downward step.