Sticky Situation: Strength Indicator Says Bears Have Taken Over Bitcoin

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Bitcoin is back below $60K, and could be in trouble for the first time since early last year. And while most agree the bull market isn’t over, the short term trend has now been taken over by bears according to one technical indicator. The tool itself measures the strength of both sides of the coin, as well as signaling which of the two is more in control. Here’s more about what this reliable indicator says about the current market cycle. Average Directional Index Says Bull Strength Is Fading, Bears Take Over Bitcoin Bitcoin has been in an unstoppable bull trend since last March. The sheer power of the Black Thursday selloff caused a bullish impulse of polar proportions, amplified by the influx of fiat money supply. In the stimulus funding madness, anything with any type of scarcity has skyrocketed in value. Even lumber is up 300% and trees grow everywhere.…

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