No New Lows: “Parabolic” Bitcoin Indicator Could Suggest The Local Bottom Is In

When Bitcoin rallies, it historically has gone parabolic and blasted off to astronomical prices before each cycle peaks. Recently, rallies have been few and far between, cutting the price per coin down to around $33,000 at the local low. The plummet, however, fell short of tagging a “parabolic” indicator and it could mean that the local bottom is in. Here is more about the Parabolic SAR, the potential signal, and other supporting evidence that the bottom might already be in. Parabolic Uptrend Intact, Says Indicator With 95% Confidence Rate Bitcoin price has repeatedly gone parabolic to conclude any major cycle peaks before entering a bear market. While the recent sentiment and price action across crypto has been deceptively bearish, there are plenty of signs that Bitcoin is still in a bull market. One of those signs not only suggests the uptrend is still in tact, but that the local bottom of the recent downtrend could very well be put in. That signal is the Parabolic SAR on monthly timeframes. The higher the timeframe, the more dominant the signal, and there are few as important intervals at the monthly. Related Reading | Bitcoin Begins Bounce From 7-Year Bull Trend Line During the month of January, Bitcoin price action stopped precariously at the Parabolic SAR indicator – leaving nothing but a wick right up against it remaining. When February opened, Bitcoin continued higher, forming a green candle and leavin...