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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

The Subtle Signs A Bullish Bitcoin Trend Is Brewing

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin brewing

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Bitcoin price remains stagnant for going on months now, with no clear trend developing and volatility in a downward spiral. However, some subtle signs are popping up that could suggest that a bullish Bitcoin trend is beginning to take shape.

Make Friends With Strong Trends

“The trend is your friend” is one of the most famous trading quotes, highlighting how capturing as much of the prevailing trend as possible can lead to the most profitable results.

For this reason, in technical analysis, trend-following tools are among the most successful. But what is an investor or trader to do when there is a clear absence of any discernible trend?

The answer is “to wait for the trend to appear” but that’s easier said than done. This is why specific tools have been created to tell when assets like Bitcoin or even stocks are trending or not. One such tool is starting to rise after several weeks of sideways price action, and it suggest that the underlying trend is strengthening.

bitcoin adx

The Average Directional Index | BTCUSD on TradingView.com

Bullish Bitcoin Is Building Muscle

The Average Directional Index (ADX) is a trend strength measuring tool, created by the father of technical indicators, J. Welles, Wilder, Jr. Other tools Wilder built include the Parabolic SAR, Average True Range, and the Relative Strength Index.

A reading above 20 on the ADX means a trend is developing. The more it turns up, the stronger the trend. After weeks of sideways, the trend is starting to strengthen again.

The tool also includes two Directional Movement indicators, the DI+ and DI-. The DI+ is currently above the DI-, showing that bulls in control of the underlying price action. All that’s left is for the ADX to strengthen further and Bitcoin could finally break out of this range and begin trending.

What Bitcoin bulls ultimately want to see next is for the ADX to grow even steeper, similar to what we can see in late 2020 and into early 2022. The lack of another strong trend at the second 2021 peak was a warning that something was off. Will the bullish trend continue to strengthen, or will bears regain control?

#Bitcoin 1W Average Directional Index is turning back up above 20 — this is the signature of a strengthening trend

DI+ is above DI- which shows bulls are in control

Trend-following tools may soon prove more useful with a trend growing pic.twitter.com/9nAUEVIcL3

— Tony "The Bull" (@tonythebullBTC) August 14, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Sign up 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 iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. 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’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

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’s 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’s 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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