Bitcoin has been performing very impressively over the past few weeks, breaking a number of resistances against the backdrop of severe economic turmoil.
Bitcoin is up about 150% from the bottom in March at $ 3,800.
The rise continued on May 1, when analyst ‘ Nunya Bizniz ‘ stressed that a signal that had preceded many of the major BTC rallies had been noticed.
BTC Weekly: Price has been drawn for a few weeks and PSAR has now flipped to support. Have been six There other similar occur ren ces, all of which lead to substantial upside. Can this be interpreted any other way than the bullish? pic.twitter.com/7rdoVQ4BMt– Nunya Bizniz (@Pladizow)
status / 1256200921324847105? Ref_src = twsrc% 5Etfw “> May 1, 2020
Because Bitcoin’s value is a product of the network effect – meaning that price is directly related to the number of users – it has always been traded in a parabolic structure.
The asset chart is filled with parabolic ups and downs, as opposed to the slower and more gradual movement of traditional assets such as stocks and bonds.
This, according to Nunya Bizniz, means that the PSAR (Parabolic stop-and-run indicator) is fit to analyze the price of Bitcoin. He mentioned that in the last five years, the six times the indicator gave such a signal has followed a serious upswing.
This happened several times in 2017 during the rise of 2000%, with the indicator marking several peaks and signaling a bullish continuation. In 2019, before the breakthrough on April 1, PSAR gave a bullish signal, followed by a rally of 300%.