Bitcoin bulls are back in charge, so to speak.
The conclusion has been made for us all, depending on what the Average Directional Index is currently saying about an asset – in this case the top cryptocurrency by market cap.
In technical analysis, a reading on an indicator either is or it isn’t – meaning, for example, the MACD can only be crossed bullish or bearish, not both at the same time.
The ADX itself, simply says how strong the trend is, and the positive and negative DI tell who is in control.
The green line only just took over from bears, so bulls only recently regained the upper-hand on the lowest timeframes.
What was able to leave bears blindsided, however, was the fact that the highest timeframes still show plenty of strength left for bulls.
The ADX itself, depicted in the dark blue line, hasn’t yet begun to turn downward.
After the peak in 2017, Bitcoin never truly broke bearish when compared to the 2014 bear market.
While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets.
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