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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

“Parabolic” Signal That Triggered Past Bitcoin Bull Runs Reappears

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin

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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. 

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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. 

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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
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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