Bitcoin (BTC/USD) looks to test the $5300 level

Bitcoin (BTC/USD) looks to test the $5300 level

Bitcoin has been in a recovery mode since September 5th due to the declines suffered in September 2nd and now is hovering around the 4611 area. According to our Fibonacci outlook, BTC/USD has made a rebound above a key demand zone established between the 4286 and 4080 levels and it should be giving the enough momentum to break all-time highs and the next target placed around 5300 should be reached.

RSI indicator is still in the positive territory, favoring to the short-term bulls that are trying to dominate the pair across the markets.

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