Bitcoin Regains Some Power, It Could Retest $28,000 Soon

Bitcoin regains some power after it started a downside correction from the $28,360 high against the US dollar but remained well bid above the $26,000 level which is why it is likely that the coin will surge above $28K soon. But, let’s look at the price analysis today in our bitcoin news.

Bitcoin is showing some strong signs above the $26,000 support zone and the price is trading above $26,500 support and the 100 hourly simple moving average. It managed to break above the major contracting triangle with resistance near the $26,800 on the hourly charts of the pair with the pair likely to continue higher to the $28,000 resistance levels.

Over the past few there was a strong increase above the $25,000 resistance. BTC surged above the $26,500 and the $27,000 resistance levels. Finally, the price surged above the $28,000 level and settled well above the 100 hourly simple moving average. The new all-time high was formed at $28,360 before another downside correction was started. There was a break below the 50% fib retracement level of the upward move from the $24,532 swing low to the $28,361 high which acted as strong support.

Bitcoin’s price started a fresh increase above the $26,500 resistance with a break above a major contracting triangle with resistance close to the $26,800 on hourly charts of the pair with the pair now trading above the $27,000 level. The initial resistance on the upside is close to the $27,275 level with a clear break above the $27,275 resistance that is able to open the doors for a fresh run to the $28,000 level in the near-term. If BTC fails to clear the $27,275 resistance level that could correct lower with initial support on the downside being near the $26,800 zone with the broken triangle trend line.

The first major support is close to the $26,500 level with the main support is near the $26,000 level below which there’s a risk of a sustained downtrend move in the upcoming sessions. The hourly MACD is gaining momentum in the bullish zone while the RSI for the pair is well above the 50 levels and the major support levels are set at $26,500 level and the major resistance level is set at $28,400. Bitcoin regains some power and analysts expect to see the asset increasing even higher, past $30,000.