• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin on the Cusp of Going Parabolic as an Elusive Indicator Flashes

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Bitcoin has seen some notable upwards momentum today that has allowed the benchmark cryptocurrency to surmount the heavy resistance that it was previously facing at $9,200.

Today’s upwards breakout marks a bullish resolution to the extended bout of sideways trading that the crypto was previously facing while it hovered around $8,800 for the past several days.

It now appears that its next upswing could just be getting started, as BTC has now broken above a previously formed descending trendline that had been guiding it lower.

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

A popular technical indicator that has flashed before previous parabolic uptrends also just emerged for the first time in over 300 days.

This could be a sign that a big upside movement is imminent.

Bitcoin Flips Key Trendline as Bulls Shatter Previous Resistance at $9,200

At the time of writing, Bitcoin is trading up just under 4% at its current price of $9,240, marking a massive climb from daily lows of $8,700 that were set yesterday.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

In the time following the benchmark cryptocurrency’s firm rejection at $9,500 last week, BTC had been stuck below $9,000, with each visit up to the lower-$9,000 region being met with significant selling pressure.

The firm break above this level, however, has opened the gates for further upside.

One analyst explained in a recent tweet that this overnight movement allowed Bitcoin to shatter a descending trendline that had been formed throughout the past week.

He further noted that this recent strength has come about as a result of the crypto’s firm defense of its point-of-control level at $8,800.

“BTC update: This trendline flip is part of what made me close my short yesterday; that and we formed support back above the range POC and CVD stopped bleeding when we flipped it,” he explained.

Bitcoin BTC
Image Courtesy of Bagsy

While looking at the bids marked on the above chart, it does appear that the strong support established just below Bitcoin’s current price could bolster how it trends in the day ahead.

Elusive Technical Indicator Flashes for First Time in Over 300 Days 

Bitcoin’s TD Sequential indicator has growing in popularity throughout the past several months, as it has accurately predicted multiple cycle bottoms and tops.

This indicator is now flashing a long signal for the first time in 313 days.

The last time that this indicator emerged with a long signal was just before Bitcoin’s rally to highs of $13,800 last Summer.

One popular options trader spoke about this in a recent tweet, saying:

“BTC: TD starting to print pink on the daily. Last time it did this was 313 days ago.”

Bitcoin BTC
Image Courtesy of Chase_NL

The culmination of this extremely bullish technical indicator and Bitcoin’s growing technical strength seems to suggest that the crypto is bound to see some upside in the near-term.

Featured image from Unplash.
Tags: bitcoinbtcusd
Tweet123Share213ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Cryptocurrencies With Incredibly High Market Caps

Cryptocurrencies With Incredibly High Market Caps

4 hours ago
Avalanche Might Continue Its Downtrend As Price Slips To $16

Avalanche Might Continue Its Downtrend As Price Slips To $16

6 hours ago
Polkadot

Polkadot Under Strong Bearish Influence , Will The Nearest Support Level Hold?

9 hours ago
Ethereum

Decline In Ethereum Futures On CME Suggests Institutional Investors Are Still Bearish

11 hours ago
VeChain VET VETUSDT

VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

12 hours ago
bitcoin

Why Rich Dad, Poor Dad Author Will Wait For Bitcoin To Drop To $1,100 Before Buying More

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 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.