[New post] Bitcoin holds 5-week high as trader suggests ‘parabolic’ bear trend is over
Crypto Breaking News posted: "Bitcoin (BTC) took aim at $24,000 on July 20 after a night of solid gains put bulls in the driving seat.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewParabolas violatedData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it" Crypto Breaking News
Against expectations, crypto staged a recovery beyond an intra-hour "fake-out" as risk assets benefitted from declining U.S. dollar strength.
The inverse correlation between the U.S. dollar index (DXY) and Bitcoin remained center stage on the day, with the greenback coming off twenty-year highs at the end of the week prior.
"The Dollar is taking a nice hit today from the bears," popular trader Crypto Tony told Twitter followers as the breakout took shape.
"Good sign for Bitcoin as things cool off for the DXY."
$DXY has broken the Parabolic Trend (Parabola) that has been formed since Jan 7, 2021.
Fellow analyst Wolf meanwhile eyed the breakdown of a "parabolic trend" in place on DXY throughout 2022. At the same time, as per analysis from popular trader Jibon, BTC/USD had ended its parabolic run to macro lows.
Among them were the 200-week moving average (WMA) at $22,800 and Bitcoin's realized price at $21,934 as of July 19, data from on-chain analytics firm Glassnode confirmed.
Both are classic fixtures in Bitcoin bear markets, with BTC/USD usually wicking below while preserving the levels as basic support.
Attention thus focused on the weekly close, which would confirm a breakout from the 200 WMA.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
No comments:
Post a Comment