Bitcoin Price Hits 5-Week High With Chart Echoing 2015 Pre-Rally Pattern

View Bitcoin jumped to a five-week high of $4,100 earlier today, reinforcing the bullish view put forward by the recent bounce from the crucial 30-day moving average support.

Bitcoin's 200-candle moving average on the three-day chart - a lagging indicator - is flatlined for the first time since early 2015.

Bitcoin is slowly gaining altitude with a long-term lagging indicator flashing signs similar to those seen before the 2015 bull breakout.

The crypto market leader rose to $4,100 at 10:30 UTC on Bitstamp today - the highest level since Feb. 24 - validating a bullish higher low established along the crucial 30-day moving average support earlier this week.

A convincing break above that level could happen in the next few months, according to historical data related to bitcoin's three-day chart 200-candle moving average.

Bitcoin's price topped out at $20,000 in December 2017 and has been charting lower highs ever since.

The 200-candle MA continued to trend north indicating a bullish setup throughout 2018 and shed the bullish bias this month - three months after price sell-off ran out of steam near $3,100.

A similar action was seen in months leading up to the long-term bullish reversal of October 2015, as seen in the chart below.

As seen above right, the 200-candle MA continued sloping upwards through the December 2013 to January 2015 bear market and turned flat in March/April 2015 - three months after the end of the sell-off at $152. The cryptocurrency traded largely in the range of $200-$300 in the next six months before breaking into a bull run in October 2015.

Bitcoin's break above the March 21 high of $4,055 is accompanied by a bull flag breakout, a bullish continuation pattern, on the 4-hour chart.