Bitcoin Bulls Are Back! Latest Signal Confirms Bullish Trend is Brewing

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	551,493,365	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

551,493,365

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.522	0.522	0.523

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.522

0.523

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.525	0.517	0.523	0.522	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.525

0.517

0.523

0.522

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:12:01	72.40	0.524	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:12:01

72.40

0.524

USD

Price x Volume	Volume	Base Symbol	Related Pairs
106,841.41	204,801.82	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

106,841.41

204,801.82

Bitcoin Bulls Are Back! Latest Signal Confirms Bullish Trend is Brewing

16/11/2023 4:00pm

NEWSBTC

Those burned by the last big Bitcoin bull run are rightfully skeptical that another one is here so soon. However, a trend strength indicator is now confirming the existence of a new bullish trend emerging. Are bulls finally back in control over crypto? Sidelined investors and traders will want to pay attention. How Technicals Could Confirm A New Bullish Trend In Bitcoin Bitcoin price is pulling back after a few failed attempts to make it though $38,000 resistance. This sudden weakness after a major breakout is both reassuring for bears and confusing for bulls. Those on the sidelines still aren’t certain what to do. But that’s what technical indicators were designed for – to eliminate noise and emotions, allowing the tools to make the decisions for you. Related Reading: Bitcoin NVT Remains Bullish, All-Clear Signal For Rally? According to a trend strength measuring tool called the Average Directional Index, the bullish Bitcoin trend just became official as the indicator reaches above a reading of 20. The last time that BTCUSD reached above 20 while bulls were in control was back in August 2020, prior to a 450%+ rally. For comparison sake, another 450% rally would put the price per coin around $200,000. However, each individual trend behaves differently and tops out at different ADX reading. This means anything is possible, but for now, the rise above 20 on the ADX is notable. The trend is confirmed by a reading above 20 | BTCUSD on TradingView.com How To Tell Bulls Are In Control Of Crypto With The ADX The Average Directional Index, as mentioned, is a trend strength measuring tool. It was created by J. Welles Wilder, Jr., known as the father of several technical analysis indicators. Wilder also developed the Relative Strength Index, Average True Range, and Parabolic SAR. The ADX confirms a trend is active above a reading of 20, while anything below 20 suggests a weak trend and potential sideways price action. The tool often includes two additional indicators, the DI+ and DI-, which show which side of the market is in control of price action. Related Reading: Bitcoin Price Is Up Despite SEC Delay, Is The Spot ETF Decision Priced In Already? If the DI+ is above the DI- bulls are in control. Bears are in control if DI- is above DI+. The premise is simple and provides an easy way to visually see which side of the market is dominating. Not only are bulls in control, but the DI+ is at 36, while the highest reading back in August 2020 was 32. This means that bulls are stronger now than they were back then, and look what happened. The above chart was originally featured in Issue #27 of CoinChartist VIP: The Ethereum Issue. Check out the latest issue for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com

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