Bitcoin price is back at $46,000 after a few month reset back to $30,000 and slightly below. A more than 50% collapse from the current all-time high of $65,000 had the cryptocurrency community calling for a bear market, but according to a trend strength indicator, bears are nowhere in sight. In fact, the tool, called the Average Directional Index suggests that bulls are now back in control over Bitcoin price action on every major timeframe. Bitcoin Ready For Final Push According To ADX Indicator Bitcoin is an unusually bullish asset that has only truly known a secular bull market despite the recurring 80 to 90% drawdowns that end each cycle. These so-called “bear markets” barely turn technical indicators bearish, and result in new highs less than four years later. Instead of a bear market, these phases could better be described as a return to mean after a bubble phase – a bubble phase that hasn’t yet completed, according to a trend-strength measuring tool. Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin The tool in reference is the Average Directional Index, created by J. Welles Wilder who also is the creator of the Relative Strength Index, Parabolic SAR, and other popular indicators today. The ADX is easy to read, and suggests a trend is blossoming when readings reach over 20. What this particular reading doesn’t tell you, however, is which side of...
