{"id":567770,"date":"2024-01-02T20:32:34","date_gmt":"2024-01-02T20:32:34","guid":{"rendered":"https:\/\/www.wncen.com\/?p=567770"},"modified":"2024-06-11T08:10:38","modified_gmt":"2024-06-11T08:10:38","slug":"bitcoin-trend-strength-striking-similarities-last-bull-run","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin-trend-strength-striking-similarities-last-bull-run\/","title":{"rendered":"Bitcoin Trend Strength Exhibits Striking Similarities With Last Bull Run"},"content":{"rendered":"

Bitcoin price is above $45,000<\/a> for the first time since April 2022 and according to the weekly Average Directional Index, the rally might not be stopping anytime soon. That’s because the trend strength measuring tool is beginning to show shocking similarities with the 2021 bull run.<\/p>\n

Bitcoin Bull Run Deja Vu: 2021 Versus 2024<\/h2>\n

When Bitcoin is trending, it is wise to get out of the way. The same is true regardless of whether or not BTCUSD is in an uptrend or a downtrend. Currently, the top cryptocurrency by market cap is in an uptrend, according to the Average Directional Index.<\/p>\n

Related Reading: Bitcoin At $45,000 Is Mispriced, Will Race For ETF Fees Push Prices To Record Highs?<\/a><\/div>\n

The tool is designed to measure the strength of a trend on any timeframe. When the ADX is growing and rises above 20, it suggests there is an active trend in play. Below 20, and there isn’t enough evidence of a trend, which could suggest sideways price action.<\/p>\n

Not only is the weekly ADX in Bitcoin above 20, but is is above 51. Reaching above 51 in late 2020, resulted in four-week-long 120% push higher. If the same magnitude move follows, BTCUSD could hit $94,000 per coin by mid-February.<\/p>\n

\"BTCUSD_2024-01-02_15-04-07\"<\/p>\n

Average Directional Index | BTCUSD on TradingView.com<\/a><\/pre>\n
All About The Average Directional Index<\/h2>\n
The Average Directional Index<\/a> is a trend-strength measuring tool designed by J. Welles Wilder, Jr., the creator of other technical analysis tools such as<\/p>\n
The ADX reading in dark blue above shows the strength of a trend. The ADX, however, comes equipped with two Directional Indicators, the DI+ and DI-. Not only is the ADX in the exact location of the late 2020, early 2021 bull run, but the DI+ in green and DI- in red are also at the same level.<\/p>\n
Related Reading: Bitcoin\u2019s Road To Record Heights: Analysts Forecast Post-Halving Surge<\/a><\/div>\n
This could hint at the same ripe conditions for a parabolic rally. In 2021, Bitcoin peaked when the ADX reached 85 and began to tumble back downward. If BTCUSD exceeds this level, we could be looking at an even stronger rally than expected.<\/p>\n
If it fails to reach above 85, yet sets a new all-time high, a bearish divergence could warn of an impending top in crypto. Whatever the case may be, the ADX could be an important tool in understanding cryptocurrency trends.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Sign up for free<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> 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<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is above $45,000 for the first time since April 2022 and according to the weekly Average Directional Index, the rally might not be stopping anytime soon. That’s because the trend strength measuring tool is beginning to show shocking similarities with the 2021 bull run. Bitcoin Bull Run Deja Vu: 2021 Versus 2024 When Bitcoin is trending, it is wise to get out of the way. The same is true regardless of whether or not BTCUSD is in an uptrend or a downtrend. Currently, the top cryptocurrency by market cap is in an uptrend, according to the Average Directional Index. Related Reading: Bitcoin At $45,000 Is Mispriced, Will Race For ETF Fees Push Prices To Record Highs? The tool is designed to measure the strength of a trend on any timeframe. When the ADX is growing and rises above 20, it suggests there is an active trend in play. Below 20, and there isn’t enough evidence of a trend, which could suggest sideways price action. Not only is the weekly ADX in Bitcoin above 20, but is is above 51. Reaching above 51 in late 2020, resulted in four-week-long 120% push higher. If the same magnitude move follows, BTCUSD could hit $94,000 per coin by mid-February. Average Directional Index | BTCUSD on TradingView.com All About The Average Directional Index The Average Directional Index is a trend-strength measuring tool designed by J. Welles Wilder, Jr., the creator of other technical analysis tools such as The ADX reading in dark blue above shows the strength of a trend. The ADX, however, comes equipped with two Directional Indicators, the DI+ and DI-. Not only is the ADX in the exact location of the late 2020, early 2021 bull run, but the DI+ in green and DI- in red are also at the same level. Related Reading: Bitcoin\u2019s Road To Record Heights: Analysts Forecast Post-Halving Surge This could hint at the same ripe conditions for a parabolic rally. In 2021, Bitcoin peaked when the ADX reached 85 and began to tumble back downward. If BTCUSD exceeds this level, we could be looking at an even stronger rally than expected. If it fails to reach above 85, yet sets a new all-time high, a bearish divergence could warn of an impending top in crypto. Whatever the case may be, the ADX could be an important tool in understanding cryptocurrency trends. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the 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<\/p>\n","protected":false},"author":517,"featured_media":524427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82859,78790,6664],"class_list":["post-567770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Trend Strength Exhibits Striking Similarities With Last Bull Run<\/title>\n<meta name=\"description\" content=\"Bitcoin price is above $45,000 for the first time since April 2022 and according to the weekly Average Directional Index, the rally might not be stopping\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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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\u2019s 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\u2019s 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.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/www.wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Trend Strength Exhibits Striking Similarities With Last Bull Run","url":"http:\/\/www.wncen.com\/news\/bitcoin-trend-strength-striking-similarities-last-bull-run\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/bitcoin-trend-strength-striking-similarities-last-bull-run\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1133678790.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1133678790.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdc","btcusdt","crypto"],"dateCreated":"2024-01-02T20:32:34Z","datePublished":"2024-01-02T20:32:34Z","dateModified":"2024-06-11T08:10:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Trend Strength Exhibits Striking Similarities With Last Bull Run\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-trend-strength-striking-similarities-last-bull-run\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/bitcoin-trend-strength-striking-similarities-last-bull-run\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1133678790.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1133678790.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2024-01-02T20:32:34Z\",\"datePublished\":\"2024-01-02T20:32:34Z\",\"dateModified\":\"2024-06-11T08:10:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/03\/iStock-1133678790.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/567770"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=567770"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/567770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/524427"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=567770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=567770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=567770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}