{"id":475892,"date":"2022-07-20T10:36:53","date_gmt":"2022-07-20T07:36:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\/"},"modified":"2022-07-20T10:36:53","modified_gmt":"2022-07-20T07:36:53","slug":"bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\/","title":{"rendered":"# Bitcoin holds 5-week high as trader suggests \u2018parabolic\u2019 bear trend is over"},"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-6a37026e7d2cb\" 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-6a37026e7d2cb\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\/#%E2%80%9D_Bitcoin_holds_5-week_high_as_trader_suggests_%E2%80%98parabolic_bear_trend_is_over_%E2%80%9C\" >&#8221; Bitcoin holds 5-week high as trader suggests \u2018parabolic\u2019 bear trend is over &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\/#Parabolas_violated\" >Parabolas violated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\/#Major_trendlines_see_a_sudden_test\" >Major trendlines see a sudden test<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_holds_5-week_high_as_trader_suggests_%E2%80%98parabolic_bear_trend_is_over_%E2%80%9C\"><\/span>&#8221; Bitcoin holds 5-week high as trader suggests \u2018parabolic\u2019 bear trend is over &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Bitcoin (BTC) took aim at $24,000 on July 20 after a night of solid gains put bulls in the driving seat.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/6eb35d3d-3247-48bc-956d-52855ae1a11f.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Parabolas_violated\"><\/span>Parabolas violated<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> followed BTC\/USD as it breached $23,800, its highest level since June 13.<\/p>\n<p>Against expectations, crypto staged a recovery beyond an intra-hour \u201cfake-out\u201d as risk assets benefitted from declining United States dollar strength.<\/p>\n<p>The inverse correlation between the U.S. dollar index (DXY) and Bitcoin remained center stage on the day, with the greenback coming off twenty-year highs at the end of the week prior.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/1c03e686-9997-4572-a468-ce6bd8fa763b.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) vs. BTC\/USD 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>\u201cThe Dollar is taking a nice hit today from the bears,\u201d popular trader Crypto Tony <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoTony__\/status\/1549333029071486977\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers as the breakout took shape:<\/p>\n<blockquote><p>\u201cGood sign for Bitcoin as things cool off for the DXY.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24DXY&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DXY<\/a> has broken the Parabolic Trend (Parabola) that has been formed since Jan 7, 2021.<\/p>\n<p>It&#8217;s time to pay attention. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xg344NrOCw\">pic.twitter.com\/xg344NrOCw<\/a><\/p>\n<p>\u2014 wolf (@ImNotTheWolf) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ImNotTheWolf\/status\/1549329886720192512?ref_src=twsrc%5Etfw\">July 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Fellow analyst Wolf, meanwhile, eyed the breakdown of a \u201cparabolic trend\u201d 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.<\/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> Parabolic Run is Over As Expected <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1uuu0AfKKD\">pic.twitter.com\/1uuu0AfKKD<\/a><\/p>\n<p>\u2014 Trader_J (@Trader_Jibon) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Trader_Jibon\/status\/1549617984821268481?ref_src=twsrc%5Etfw\">July 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Those \u201cexpectations\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Trader_Jibon\/status\/1542593658590879744\">referred<\/a> to a strategy forecasting BTC\/USD rising to $40,000 before another bearish phase puts in a fresh macro bottom.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_trendlines_see_a_sudden_test\"><\/span>Major trendlines see a sudden test<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Returning to current price action, meanwhile, significance came in the form of crucial trendlines being broken.<\/p>\n<p><strong><em>Related:\u00a0100X Bitcoin energy use would mean \u2018absurd\u2019 $20M BTC price \u2014 developer<\/em><\/strong><\/p>\n<p>Among them were the 200-week moving average (WMA) at $22,800 and Bitcoin&#8217;s realized price at $21,934 as of July 19, data from on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics\">Glassnode<\/a> confirmed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/404637ac-86d4-4175-9b33-8308ed668089.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin realized price chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Both are classic fixtures in Bitcoin bear markets, with BTC\/USD usually wicking below while preserving the levels as basic support.<\/p>\n<p>Attention thus focused on the weekly close, which would confirm a breakout from the 200 WMA.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> 1D<\/p>\n<p>Hard to believe but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> has broken the 50 DMA, 200 WMA (confirms week close), major upward resistance, &amp; Bear Flag all in the same day.<\/p>\n<p>Shorting a breakout isn&#8217;t the best idea. I TP&#8217;d a bit early on longs but will reenter on a retest of support.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrency<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BDwf0f67GK\">pic.twitter.com\/BDwf0f67GK<\/a><\/p>\n<p>\u2014 Roman (@Roman_Trading) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Roman_Trading\/status\/1549477298335883268?ref_src=twsrc%5Etfw\">July 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/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\/bitcoin-holds-5-week-high-as-trader-suggests-parabolic-bear-trend-is-over\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin holds 5-week high as trader suggests \u2018parabolic\u2019 bear trend is over &#8220; 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: TradingView Parabolas violated Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNTY5ZTllYmQtNjNhZC00N2M4LTg0YjItZDA2YzNiZGMxOGU4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,73785,68637],"class_list":["post-475892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475892","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=475892"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475893"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}