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BTC Price Analysis May 27th: Testing up to $8,800, holding upward channel

Today saw a notable spike in the Bitcoin price, along with most of the crypto market. It appears that the price is still staying in an ascending channel that it recently re-entered after some time below it. Can this upside continue? Let's dive in.
BTC Price Analysis May 27th: Testing up to $8,800, holding upward channel
- Price of Bitcoin spiked today, touched on upside of ascending channel.
- Seems to have been stopped out around $8,800.
- May need to retest to bottom of channel, around $8,000, before we break out.
- However, if we do breakout here $9,000 is easily within reach.
Beginning on the daily, we can see how the price is currently trending inside of a channel that was originally defined in late March/early April, though we recently spent some time below it. We can also see how we were just recently stopped out around the top of this channel, approximately $8,800. Finally, note that the RSI is on the higher end of the spectrum, at about 71.

BTC/USD Chart provided by Tradingview
Moving inward to the 4 hour, we can see how the 50 MA has largely been providing the support in this recent rise, meaning even a dip here would almost certainly hold above this level, currently just below $8,000. Also here on the 4 hour, we can see again that the RSI is on the high end, as we may expect after the recent move.

BTC/USD Chart provided by Tradingview
Bull Scenario: If the buying action can remain strong, we may be able to break out above this channel, which could easily take us to $9,000. The excitement of breaking above $9K could carry us to the next major resistance at $9,500.
Bear Scenario: If we get stopped out at the top of this channel, which is starting to look likely, we will probably retest down to about $8K, where the 4 hour 50 MA is waiting to support us. Further downside seems unlikely.
It's been an impressive rise in the recent hours, and whether BTC is able to get above and test to $9,000 will be key to where we go from here. Whether it happens today or this week, touching on $9K isn't far away!

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