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bitcoin bears

Bears Regain Control Over Bitcoin For First Time In 2023, Signal Reveals

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Up until this past week, bulls have been in charge of Bitcoin price action, maintaining a series of higher high and higher lows.

While that uptrend structure isn’t yet broken, a tool that reveals the underlying strength of a trend points to bears having the upper hand for the first time in 2023.

Sideways Bitcoin Breaks Down Leaving Bulls Vulnerable

A recent distinct lack of volatility and prolonged sideways trading range suggested that a big move in BTCUSD was on the way. The outcome ultimately saw bears swatting down Bitcoin price by 10% in a single day. The breakdown immediately put the 2023 uptrend in jeopardy.

An uptrend is defined as a series of higher lows and higher highs, which is still structurally intact in BTCUSD charts. But there is often more to a trend than structure alone. It also matters the strength of a trend, and if bulls or bears have the upper hand.

Related Reading: Bitcoin Halving: Why Correlation Doesn’t Equal Causation

This is precisely why the Average Directional Index was created by J. Welles Wilder, Jr. The tool can measure the strength of a trend, and based on that determine if there is a worthwhile trend to trade.

Its calculation is based on two internal indicators, DI- and DI+, which make up the Directional Movement Index. Essentially, the ADX signals when the trend has a direction, and the positioning of the two directional indicators helps determine what that direction is.

bitcoin BTCUSD_2023-08-21_10-11-29

Weekly DI- has moved above DI+ for the first time in 2023 | BTCUSD on TradingView.com

Bears Get Revenge, Regain Control For First Time In 2023

If red is above green, like we have currently in Bitcoin for the first time in all of 2023 it means that bears are in control over the trend direction. Importantly, the ADX is falling but still above 20.

A reading above 20 is necessary for confirming the existence of a trend. If bulls can take back control while above 20, or if bears have control while the ADX falls below the level, this could be a false alarm.

Related Reading: Blast from The Past: Bitcoin Formation Echoes Livermore’s Speculative Chart

But if the ADX starts rising and red is above green, another wave of bearish price action could follow. Even worse, bears dominating weekly timeframes could tip the favors back into the clutches of bears on the monthly BTCUSD chart also. This scenario would be the unprecedented in the history of Bitcoin.

This chart originally appeared in “Issue #17: Bounce or Back to a Bearish Trend” of CoinChartist VIP. Subscribe for free.

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
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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