{"id":381907,"date":"2021-12-16T17:47:58","date_gmt":"2021-12-16T14:47:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead\/"},"modified":"2021-12-16T17:47:58","modified_gmt":"2021-12-16T14:47:58","slug":"historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead\/","title":{"rendered":"# Historically accurate &#8216;momentum indicator&#8217; hints at possible Bitcoin breakout ahead"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a45ba6590132\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a45ba6590132\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead\/#Momentum_indicator_hints_at_potential_%E2%80%9Cmassive_bullish_move%E2%80%9D\" >Momentum indicator hints at potential &#8220;massive bullish move&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead\/#Dollar_dives_post_Fed\" >Dollar dives post Fed<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Historically accurate &#8216;momentum indicator&#8217; hints at possible Bitcoin breakout ahead <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) could see a \u201cmassive bullish move\u201d if a classic trigger from the 2021 bull run repeats this week.<\/p>\n<p>In a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Parabolic_Matt\/status\/1471321315147661312\">tweet<\/a> on Dec. 16, on-chain analyst Matthew Hyland, known by the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> handle Parabolic Matt, drew attention to Bitcoin\u2019s momentum indicator.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Momentum_indicator_hints_at_potential_%E2%80%9Cmassive_bullish_move%E2%80%9D\"><\/span>Momentum indicator hints at potential &#8220;massive bullish move&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While still under $50,000, Bitcoin has already broken out of a long-term downtrend on the momentum indicator, which measures closing prices against those from a period in the past.<\/p>\n<p>Two such breakouts have occurred this year, and after each one, BTC\/USD went on to see considerable upside.<\/p>\n<p>\u201cThe previous two times it broke out of a multi-month downtrend this year, a massive bullish move followed,\u201d Hyland wrote as part of comments.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/afe8beb8-790e-4123-abc7-d11e17b98f5d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD vs. momentum indicator annotated chart. Source: Matthew Hyland\/ Twitter<\/em><\/figcaption><\/figure>\n<p>While not a guarantee of \u201cup only\u201d price action, the momentum data joins a large number of on-chain metrics flashing bull signals this month \u2014 a list that keeps growing.<\/p>\n<p>Hyland is known for his highly optimistic price forecasts, and last month caused a stir by predicting that Bitcoin would hit $250,000 in January 2022 while invalidating one of the popular stock-to-flow price models.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> bottom structure on the RSI and Momentum indicators (daily time frame) look very similar to what occurred in September before the reversal up started<\/p>\n<p>\u2022Momentum has broken out<br \/>\u2022RSI needs a close above resistance to confirm breakout<br \/>\u2022Bitcoin price waiting to breakout <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XDwiUsSj2U\">pic.twitter.com\/XDwiUsSj2U<\/a><\/p>\n<p>\u2014 Matthew Hyland (@Parabolic_Matt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Parabolic_Matt\/status\/1471223777790996486?ref_src=twsrc%5Etfw\">December 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In further analysis, he noted that both the momentum indicator and Bitcoin\u2019s relative strength index (RSI) on daily timeframes are mimicking behavior from September, when the market put in a local bottom before rising to current $69,000 all-time highs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_dives_post_Fed\"><\/span>Dollar dives post Fed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Spot price action was meanwhile quieter on Thursday, Bitcoin lingering around $49,000 despite a conspicuous drop in the U.S. dollar.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin sheds \u2018dumb money\u2019 as retail buys most BTC since March 2020 crash<\/em><\/strong><\/p>\n<p>The U.S. dollar currency index (DXY), which measures USD against a basket of trading partner currencies, reversed its extended bull run last week, with Thursday seeing a pronounced comedown, data from TradingView shows.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/11f83ac8-abd5-43e9-83d3-da670c14a9fa.png\"><figcaption style=\"text-align: center;\"><em>DXY 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Traditionally inversely correlated with BTC, DXY&#8217;s drop follows a boost for crypto and equities alike courtesy of the Federal Reserve.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/historically-accurate-momentum-indicator-hints-at-possible-bitcoin-breakout-ahead\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Historically accurate &#8216;momentum indicator&#8217; hints at possible Bitcoin breakout ahead &#8221; Bitcoin (BTC) could see a \u201cmassive bullish move\u201d if a classic trigger from the 2021 bull run repeats this week. In a tweet on Dec. 16, on-chain analyst Matthew Hyland, known by the Twitter handle Parabolic Matt, drew attention to Bitcoin\u2019s momentum indicator&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":381908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvZmI5OWQ4NmUtZTI4NC00ZDliLWE3NWUtMTcyODBlZDk1YWMwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-381907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/381907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=381907"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/381907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/381908"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=381907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=381907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=381907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}