"While it's premature to conclude Bitcoin will not retest support near US$4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing", Sluymer wrote.
The pair is now in a strong uptrend and it could trade towards the main $6,500 resistance level.
Bitcoin price gained significantly above the $5,600 level against the US Dollar.
The price of Bitcoin has broken the resistance levels above $5,600 and $5,700 as it is now above the 12-day and the 26-day Exponential Moving Averages (EMA) which is an indication that that price is in the bullish trend zone.
October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years. These moves higher were inconsistent, with some of these cases only resulting in 5% gains, but the historical precedent is set for BTC to move higher from here. He predicted bitcoin price would see a new all-time high in 2020, surpassing the previous $20,000 level. At this point, we can expect the price to rise to a high of $6,000 or $6,500 level. And as it turns out, the scenario he depicted has begun to play out, with BTC now trading at $5,325 on BitMEX and Coinbase, with bullish momentum to boot. The cryptocurrency recently broke $5,800 and on BitFinex it has already crossed $6,000. The price could even break the $6,250 level and trade towards the main hurdles at $6,400 and $6,500.
A strong growth above $5,5000 is needed for an extended recovery. Thus, the ongoing bullish trend will continue as long as the trend line remains unbroken. Therefore, dips could still be contained and the price could rally above $6,000. Mahmudov looks to the fact that when the three aforementioned trends looked as they did historically, what followed was a rally in the Bitcoin price.
4 hours RSI (Relative Strength Index) - The RSI for BTC/USD is placed well above the 50 and 60 levels.