{"id":520648,"date":"2023-02-23T00:08:13","date_gmt":"2023-02-23T00:08:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=520648"},"modified":"2024-06-11T08:04:14","modified_gmt":"2024-06-11T08:04:14","slug":"bears-beware-bitcoin-trend","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bears-beware-bitcoin-trend\/","title":{"rendered":"Bears Beware: Bitcoin \u201cTrend\u201d Strengthens To Pre-ATH Levels"},"content":{"rendered":"

Bitcoin price<\/a> is at local resistance, brushing up against the death cross of the 50 and 200-day moving average, and is exhibiting other potentially bearish signals.\u00a0<\/span><\/p>\n

However, bears should beware that while price has yet to do anything dramatic, the underlying trend strength is now at late 2020 levels \u2014 the same levels that resulted in an explosive rally to new all-time highs.\u00a0<\/span><\/p>\n

Why So Bearish On Bitcoin?<\/h2>\n

The macroeconomic landscape is teetering on the edge of a recession and for the last year and then some, it has market sentiment overwhelmingly bearish. During that time, Bitcoin fell to $15,000<\/a> and altcoins saw a 90%+ drawdown. The stock market even dipped below the key 20% bear market level.\u00a0<\/span><\/p>\n

Related Reading: Forget The Moon: Bitcoin Could Target The \u201cCloud\u201d At $40K<\/a><\/div>\n

Little has improved aside from inflation cooling slightly and the Fed barely backing off the larger rate hikes that dominated 2022. Things have even worsened for Bitcoin, which confirmed the first weekly death cross<\/a>\u00a0in its history. Because of these factors, the recent Bitcoin rally has been widely shrugged off as a bear market rally and another opportunity to go short.\u00a0<\/span><\/p>\n

However, bears should be weary about shorting Bitcoin at this level, according to the Average Directional Index<\/a>. The tool is showing a reading stronger than at any point during 2022, and is at the highest level since late 2020 and early 2021.\u00a0<\/span><\/p>\n

\"bitcoin<\/p>\n

The trend is strengthening according to the ADX | BTCUSD on TradingView.com<\/a><\/pre>\n
Trend Strength Reaches Historically Bullish Levels<\/h2>\n
The Average Directional Index is a trend strength measuring tool, developed by J. Welles Wilder Jr. \u2014 the creator of other popular technical indicators such as the Relative Strength Index<\/a>, the Parabolic SAR, and the Average True Range.\u00a0<\/span><\/p>\n
The ADX is used by itself or with a Directional Movement Index consisting of a DI- (red) and a DI+ (green) which indicate if bears or bulls are in control. When the ADX climbs above a reading of 20, it suggests a trend is beginning and strengthens the higher the reading. Trends begin to weaken after the ADX peaks. Falling below a reading of 20 shows a distinct lack of a trend.\u00a0<\/span><\/p>\n
The BTCUSD 3-day ADX reading is currently above 50 \u2014 the highest level since 2020. From the time the ADX pushed above 50 and the price rally peaked, Bitcoin climbed by 300%. Another 300% climb from current levels would take the top crypto to $72,000 and a new all-time high.\u00a0<\/span><\/p>\n
Related Reading: This Fractal Suggests Bitcoin Price Could Nearly Double In 30 Days<\/a><\/div>\n
The reading is also higher than at any point during the recent 2022 downtrend. Prior to the late 2020 and early 2021 rally mentioned above, the previous time BTCUSD 3-day ADX readings reached such a level was during the 2019 bull impulse<\/a>. From that reading of 50 to the rally peak, price climbed another 170%. The same percentage rally would take Bitcoin to above $40,000 per coin.\u00a0<\/span><\/p>\n
There is no telling if the underlying trend will continue strengthen or this is it. But history suggests that shorting Bitcoin when the trend is this strong, hasn\u2019t been the most rewarding strategy.\u00a0<\/span><\/p>\n
Follow @TonyTheBullBTC on Twitter<\/a> or join\u00a0the TonyTradesBTC Telegram<\/a> for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is at local resistance, brushing up against the death cross of the 50 and 200-day moving average, and is exhibiting other potentially bearish signals.\u00a0 However, bears should beware that while price has yet to do anything dramatic, the underlying trend strength is now at late 2020 levels \u2014 the same levels that resulted in an explosive rally to new all-time highs.\u00a0 Why So Bearish On Bitcoin? The macroeconomic landscape is teetering on the edge of a recession and for the last year and then some, it has market sentiment overwhelmingly bearish. During that time, Bitcoin fell to $15,000 and altcoins saw a 90%+ drawdown. The stock market even dipped below the key 20% bear market level.\u00a0 Related Reading: Forget The Moon: Bitcoin Could Target The \u201cCloud\u201d At $40K Little has improved aside from inflation cooling slightly and the Fed barely backing off the larger rate hikes that dominated 2022. Things have even worsened for Bitcoin, which confirmed the first weekly death cross\u00a0in its history. Because of these factors, the recent Bitcoin rally has been widely shrugged off as a bear market rally and another opportunity to go short.\u00a0 However, bears should be weary about shorting Bitcoin at this level, according to the Average Directional Index. The tool is showing a reading stronger than at any point during 2022, and is at the highest level since late 2020 and early 2021.\u00a0 The trend is strengthening according to the ADX | BTCUSD on TradingView.com Trend Strength Reaches Historically Bullish Levels The Average Directional Index is a trend strength measuring tool, developed by J. Welles Wilder Jr. \u2014 the creator of other popular technical indicators such as the Relative Strength Index, the Parabolic SAR, and the Average True Range.\u00a0 The ADX is used by itself or with a Directional Movement Index consisting of a DI- (red) and a DI+ (green) which indicate if bears or bulls are in control. When the ADX climbs above a reading of 20, it suggests a trend is beginning and strengthens the higher the reading. Trends begin to weaken after the ADX peaks. Falling below a reading of 20 shows a distinct lack of a trend.\u00a0 The BTCUSD 3-day ADX reading is currently above 50 \u2014 the highest level since 2020. From the time the ADX pushed above 50 and the price rally peaked, Bitcoin climbed by 300%. Another 300% climb from current levels would take the top crypto to $72,000 and a new all-time high.\u00a0 Related Reading: This Fractal Suggests Bitcoin Price Could Nearly Double In 30 Days The reading is also higher than at any point during the recent 2022 downtrend. Prior to the late 2020 and early 2021 rally mentioned above, the previous time BTCUSD 3-day ADX readings reached such a level was during the 2019 bull impulse. From that reading of 50 to the rally peak, price climbed another 170%. The same percentage rally would take Bitcoin to above $40,000 per coin.\u00a0 There is no telling if the underlying trend will continue strengthen or this is it. But history suggests that shorting Bitcoin when the trend is this strong, hasn\u2019t been the most rewarding strategy.\u00a0 Follow @TonyTheBullBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":520651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79552,428,1119,1144,78790,6664,4524,76835],"class_list":["post-520648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-average-directional-index","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBears Beware: Bitcoin \u201cTrend\u201d Strengthens To Pre-ATH Levels<\/title>\n<meta name=\"description\" content=\"Bitcoin price is at local resistance, brushing up against the death cross of the 50 and 200-day moving average, and is exhibiting other potentially\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bears Beware: Bitcoin \u201cTrend\u201d Strengthens To Pre-ATH Levels","url":"http:\/\/uniquehot.com\/news\/bears-beware-bitcoin-trend\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bears-beware-bitcoin-trend\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/iStock-1405429399.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/iStock-1405429399.jpeg?fit=1340%2C782"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["average directional index","bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2023-02-23T00:08:13Z","datePublished":"2023-02-23T00:08:13Z","dateModified":"2024-06-11T08:04:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bears Beware: Bitcoin \\u201cTrend\\u201d Strengthens To Pre-ATH Levels\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bears-beware-bitcoin-trend\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bears-beware-bitcoin-trend\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/iStock-1405429399.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/iStock-1405429399.jpeg?fit=1340%2C782\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"average directional index\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2023-02-23T00:08:13Z\",\"datePublished\":\"2023-02-23T00:08:13Z\",\"dateModified\":\"2024-06-11T08:04:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/iStock-1405429399.jpeg?fit=1340%2C782","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520648"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=520648"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/520648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/520651"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=520648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=520648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=520648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}