The chart above may seem daunting at first, however, it is quite simple. The current breakout and the creation of a new higher high indicates that the trend has begun to flip bullish and momentum is with the bulls. To solidify the trend switch and bullish case back on, the next pullback that occurs must create a higher low (stay above the recent low of $53.5k). 

The two fair value gaps displayed on the chart above provide us with a probable area of where to expect the pullback to reach. The lower fair value gap sits at approximately $58k with the closer one around $61k (5-8% retracement). If BTC were to retrace to this level and then continue upwards from there, the upward trend would be confirmed with a higher low being set. 

Things are looking bleak for the bears right now, they failed to push BTC below $50k and have seen over $400 million USD worth of shorts get liquidated over the last four days. To fuel the bearish hopium, one would hope that this major move is one massive bull trap due to the potential hidden bearish divergence that could be setting in. Hidden divergence often leads to a continuation of the overall trend. Divergence will be confirmed if BTC fails to get above $66.5k on this move up before a pullback. The divergence should drive BTC down to the pullback regions mentioned above, if the divergence is strong enough and bears continue to push BTC below these levels, then a bull trap may be confirmed. But until then, the momentum remains with the bulls and the likelihood is that we continue higher after a small pullback.