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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

This Chart Makes It Clear: Bitcoin Is Bullish

Alizeh Ilyas
Alizeh Ilyas
10 months ago
2 mins read

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When Bitcoin price action is sideways and directionless for the better part of a year, bulls and bears argue over which direction will be ultimately chosen.

However, considering macro conditions like rising interest rates, a sinking stock market, and mounting ting debt, bears aren’t ready to throw in the towel. But they might want to after seeing this chart.

Bitcoin Price Chooses A Direction: Up And Away

Bitcoin and other cryptocurrencies are normally notoriously volatile. But volatility has dwindled to next to nothing since the FTX collapse struck.

Few have been willing to take the risk on BTC and altcoins while macro conditions are this on the edge of collapse. It resulted in a big move off the bottom, but also more than six months of consolidation and confusion.

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Why Bitcoin Price Could Double To $60K In A Flash

10 months ago

But after several months of sideways price action, Bitcoin appears to have chosen a direction and broke out to form a new trend. Bears, however, remain stubbornly short per market sentiment.

Bearish traders might want to reconsider their positioning after taking a look at the Directional Movement Index.

bitcoin btcusd btc BTCUSD_2023-10-30_11-17-05

There is no denying: Bulls are in charge | BTCUSD on TradingView.com

Bullish Directional Movement Is Anything But Average

The Directional Movement Index is typically found bundled with the Average Directional Index, and consists of a negative and a positive directional indicator. The tool’s premise is simple: when DI+ (green) is above DI- (red) the asset is bullish and DI- is above DI+ when bearish.

This technical analysis indicator is currently showing the DI+ soaring, while the DI- is falling and below the 20 line. The 20 line is notable more for the ADX, which isn’t pictured. When the ADX rises above 20, the tool suggests a trend is active and strengthening.

Related Reading

bitcoin target

Bitcoin Bulls Could Buck Downtrend With Move To $42,000

1 year ago

Bitcoin isn’t above 20 on the weekly yet, but has begun to do so on lower timeframes. With how strong the recent move was, the ADX could confirm above 20 over the next week or two. At that point, bears might finally be forced to concede that a new bull trend has blossomed.

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 Shutterstock, Charts from TradingView.com
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Alizeh Ilyas
Alizeh Ilyas

Alizeh Ilyas

With over 3 years of crypto writing experience, Alizeh Ilyas have a deep understanding of cryptocurrencies, blockchain, Fintech, web3, crypto market analysis, predictions, and more. Her passion for innovation shines through her work. Keeping a keen eye on the future of digital finance, she bridges gaps between technology and readers.

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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