Bitcoin just printed an elusive buy signal that has preceded previous parabolic rallies ๐จ This article is 5 years old...
Bitcoin just printed an elusive buy signal that has preceded previous parabolic rallies
2 min read
Updated: Feb. 4, 2020 at 3:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Following a brief overnight selloff that sent Bitcoin to lows of $9,200, the cryptocurrencyโs bulls have been able to post a strong defense of this key support level and have subsequently rallied BTC back up to its 2020 highs of $9,500.
BTCโs rally up to these levels elucidates that it is firmly in the control of buyers at the present and may signal that fresh year-to-date highs are imminent.
Now, one elusive technical indicator that has emerged during the start of previous parabolic rallies is flashing again, suggesting that BTC is about to see some massive gains.
Bitcoin pushes up against 2020 highs as bulls prevail over bearsย
At the time of writing, Bitcoin is trading up just under one percent at its current price of $9,430, which marks a notable climb from daily lows of $9,200 that were set overnight.
This recent dip came about after bears posted a strong defense of the resistance that exists around BTCโs current price levels, but their inability to spark any sort of sustainable downtrend seems to point to underlying weakness.
Analysts are noting that buyers’ intense defense of the recent selloff is something that is only seen in bull markets. Satoshi Flipper, a well-respected crypto trader on Twitter, spoke about this to his over 40k followers, saying:
โThis is how BTC bulls buy up a dump in a bull market.โ
This technical indicator suggests BTCโs uptrend is about to turn parabolic
Another sign that Bitcoin is about to enter an intense bull market is the fact that the Blockroots Alpha trend just printed a long signal on BTCโs three-day chart, with this signal only being seen on two occasions over the past several years.
Blockroots co-founder Josh Rager spoke about this signal in a recent tweet, noting that each of the two times it has flashed in the past have been followed by parabolic bull runs.
โThe Blockroots Alpha trend just printed a โlongโ signal this week on the BTC 3D chart. The last two times โlongโ signaled: – Sept ’16 prior to the Bitcoin ATH – March 26, days before the $1000 candle and run to $13ks.โ
While considering bullโs response to recent attempted selloffs and the fact that elusive indicators like the Blockroots Alpha trend are beginning to flash bullish signs, it does appear to be increasingly likely that the cryptocurrency is about to see another massive upwards cycle.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
