Bulls Beware: Bears Only Control Bitcoin Now

The debate over whether the Bitcoin bull market is over due to the recent correction, many are already looking for the bottom of the current downtrend. The bull should be careful not to roll over as the decline has worked very well over the past few months. Because, according to an indicator that measures trend strength, the bears have only now taken control of Bitcoin. Analysis of crypto correction and possible end of bull market Bitcoin price has dropped more than 50% after a deep dip last month – one of the worst monthly candles on record is behind. After such a steep correction and the recent bull market that never allowed more than 37% pullback, more traders are looking for a bottom to buy rather than a short jump. Related literature | Two Ways to a Bitcoin Bull Run and If A Bearish Phase To Follow The idea that the bull market will restart very soon can lead to losses and the painful realization that this cycle is very different this time. This is according to the Average Direction Index, which suggests that bears have just taken control of Bitcoin and are unlikely to stop anytime soon. Average directional index shows where bears take over | Source: BTCUSD Average Direction Index on TradingView.com Says Bears Are Now Capturing Bitcoin The weekly Bitcoin price chart above shows how many times bears have taken over the cryptocurrency trend according to the trend strength measurement indicator. The bullish impulses are always strongest, causing the average direction index itself to reach historical highs. However, ADX-powered Directional Movement Index indicators show when the trend is in control of the bears or bulls. Related literature | Market Timing: Why Bitcoin Might Hit Lows for a Leap In this case, the bears took over Bitcoin exactly one year later. Therefore, while the bulls await an immediate return to the highs, a correction just below the t

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