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bitcoin

“Parabolic” Signal That Triggered Past Bitcoin Bull Runs Reappears

Tony "The Bull" by Tony "The Bull"
5 months ago
in Bitcoin
Reading Time: 2 mins read

Bitcoin price made a 5% move today, poking above $19,000 momentarily. It is currently the largest daily climb of 2023 and since the FTX collapse. 

More significantly, the sharp rally tagged a level that triggered a possible trend change according to the weekly Parabolic SAR. In the past, the technical indicator has lived up to its name. What could it mean this time?

Bitcoin Makes Biggest Move Of 2023

The start of 2023 has been positive for altcoins. But up until today, Bitcoin has been mild by comparison. 

Following today’s CPI data release coming in at 6.5% and Biden’s victory lap on inflation, Bitcoin price soared by $1,000, taking the top cryptocurrency above $19,000 briefly. 

Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC

More importantly than what happened today, was what occurred on the weekly timeframe. BTCUSDT (Binance) weekly tagged the Parabolic SAR for the first time since May 2022. The LUNA collapse pulled Bitcoin and other cryptocurrencies lower, beginning the second, more aggressive phase of the recent downtrend. 

The same Parabolic SAR signal was also triggered prior to the 2019 crypto rally, and the 2020 to 2021 bull run (pictured below). Both rallies also blossomed from the same exact trend line previously.

BTCUST Bitcoin price

The Parabolic SAR has produced profitable results | BTCUSDT on TradingView.com

BTCUSDT Weekly Triggers Parabolic SAR Buy Signal 

The Parabolic SAR is a technical indicator designed by J. Wells Wilder, Jr. and is used to detect changes in trend direction. The tool consists of a visual overlay of SAR dots that hover above or below price action, determining the direction of the trend. 

When the SAR dots are tagged, it suggests that a trend might “stop and reverse” — which is precisely what SAR stands for. Therefore, it’s especially effective in timing entire and exits. Because the SAR dots travel higher or lower alongside the trend, they can be used reliably to set trailing stop losses. 

Related Reading: Currency Expert Explains Why Altcoins Experience More Carnage Than Bitcoin And Ethereum

On weekly timeframes, BTCUSDT (Binance) touched the Parabolic SAR, essentially telling short traders to get out of the position. If bears had used the PSAR for trailing stop losses, they’ve now been stopped out — purposely — in profit.  

While the signal isn’t a guarantee of continued upside, considering that the possible signal of a trend change has appeared alongside the coincidental timing of a long-term trend line touch, the recovery from this level could be more sustainable than many are ready for.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTj. welles wilderparabolic sar
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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