• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis BTC

Bitcoin Breaks Record For Longest Weekly Uptrend Ever, According To “Parabolic” Indicator

Tony Spilotro by Tony Spilotro
4 months ago
in BTC
Reading Time: 3min read
Bitcoin Breaks Record For Longest Weekly Uptrend Ever, According To “Parabolic” Indicator

Astronaut on futuristic board surfing space. Mixed media

Advertisement

Bitcoin had a major breakout last night, taking the asset to a price well above $20,000 to close out what has been a stellar year for the cryptocurrency.

Although 2020 was a monumental year for many reasons, it also marks a milestone for Bitcoin, in which a record has been set for the longest weekly uptrend in the asset’s history, according to a “parabolic” indicator.

Will Bitcoin Go Parabolic Following Longest Weekly Uptrend In Crypto History?

Although there have been very few full market cycles in cryptocurrencies, there have been at least three bull runs, and a pair of extended bear phases. The second bearish phase has only recently ended, leaving very little to look back at for comparison’s sake.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

But what is obvious based on the repeating patterns, is that once Bitcoin breaches its former all-time high, the asset goes parabolic for nearly a year thereafter.

Related Reading | Bitcoin Consolidation At ATH: Expect Shake Outs, Traps, & More Before Next Leg

The resulting uptrends are the most powerful impulses on the asset’s price chart and deliver a proven ROI of between 2,000 and 5,000% across the two previous parabolic phases.

The third time is already proving to be the charm, with Bitcoin already setting a record for the longest weekly uptrend in its 12 year history, according to the Parabolic SAR indicator. What’s also notable, is that this feat has been achieved following the Black Thursday collapse, during one of the most unprecedented years yet, and did it before a new record was even set.

Is Bitcoin about to go parabolic? And what else does the Parabolic SAR indicator tell us?

bitcoin parabolic sar

A new record is set for the longest weekly positive string of SAR | Source: BTCUSD on TradingView.com

Understanding The Parabolic Stop And Reverse Technical Indicator

Bitcoin is expected to enter a parabolic phase any day now and might have already done so considering just how strong the uptrend has been thus far. But the Parabolic SAR indicator itself isn’t used to decipher if and when that happens. It instead, however, can help understand if and when that parabola has been broken.

In the chart above, the Parabolic SAR depicts the largest strength of weekly positive “SAR” under the price action. This string of bullish momentum has lasted over 200 days. The next longest uptrend on weekly scales was the 2017 rally that took the asset to $20,000 the first time.

Related Reading | Gold Naysayer Turns To Bitcoin: Overpriced, Model Says Max Value $74K BTC

The indicator itself is among the most straightforward to use, but the uses themselves vary. When price action passes through a SAR dot and closes, it is a signal that the trend has sufficiently reversed, and the parabola has been broken.

Note that in the chart above, the most recent trend change took place during the Black Thursday selloff, but it’s been nothing but incline since.

bitcoin parabolic sar

Monthly timeframes suggest the uptrend just started | Source: BTCUSD on TradingView.com

Traders can utilize the Parabolic SAR indicator, developed by J. Welles Wilder, Jr., as part of a trailing stop strategy where a stop loss is moved up or down along with each SAR dot. The idea here is that if and when the stop is hit, it will be hit in profit at a point where the trend had already reversed anyway.

The tool’s creator also designed the Average Directional Index, Average True Range, and Relative Strength Index. The tool suggests that although the weekly uptrend has already been record-breaking, monthly timeframes show that things are only just now getting started.

Featured image from Deposit Photos, Chart from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoparabolic sarxbtxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin

TA: Here’s Why Bitcoin Price is Signaling Upside Continuation To $65K

5 hours ago
bitcoin bearish chart

The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

7 hours ago
Bitcoin

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

1 day ago
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

1 day ago
crypto bitcoin fireworks

Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

2 days ago
Bitcoin

TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

2 days ago

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.