Bitcoin Misery Index hits highest level since June 2016
The Bitcoin Misery Index is signaling things are not very miserable currently for bitcoin investors!
The BMI (Bitcoin Misery Index) hit its highest reading in some time recently...
In fact the reading was the highest it has been in close to 3 years!
The reading of 89 was the highest reading since June of 2016.
(Source: https://twitter.com/fundstrat/status/1116449855159906306)
In general, the higher the BMI reading is, the more positive sentiment is surrounding bitcoin.
What does this high reading mean?
It's good and bad, depending on how you look at it.
For one, a reading above a 67 on the BMI is only seen in bull markets.
Meaning that a reading as high as we just saw likely means bitcoin truly is out of the bear market.
(Source: https://twitter.com/fundstrat/status/1116449855159906306)
Something that flies in the face of many of those bears still clamoring for lower lows on bitcoin.
However, there is a caveat for those currently long bitcoin...
Traditionally, a reading above 67 meant a 25% decline was soon to follow.
(Take a look at the first chart posted above to get an idea of what generally happens after a BMI reading of 67 or higher)
Which means...
While a reading of 89 may signal that bitcoin is officially out of the bear market, it may also mean that we are due for roughly a 25% correction before we trend higher again.
That would take prices right back down to where we broke out from around $4k.
We will see what happens from here.
Stay informed my friends.
-Doc
ive been telling people we will go to 4200-4400 before the next leg up and if this is a bull trap might even go down to 3000 but it wont stay there very long and will slingshot back up but from your charts there i have to be totally in agreement with your post
hope all is well jr and have a great afternoon and cheers to you bud
I like those numbers as well. Though, if enough people think that is what is going to happen, it probably won't. Markets are funny like that. On a side note, create a new account?
thanks for caring bud im not on here for cash and its not like my posts are completely erased and anyone who is greyed out i read automatically and if i made another account he would just find me anyways lol
and yes if everyone thinks it will happen it usually doesnt
have an amazing day bud
too bad everyone on here wasnt like you and some others ive talked to and i wouldnt be greyed out lmao
cheers bud
This is a great chart. Thanks
Pretty good data to go off of!
Misery? What misery? 🧐🤓🧐
When the misery index posts a high number, it's not very miserable, a low number... well... it's pretty stinkin miserable.
hahahhah! very good index!!!
Are you familiar with it?
No, but I like it, emotions are everything in trading
Posted using Partiko iOS
Especially in crypto where there aren't many fundamentals. Everything moves on sentiment.
It seems like it wants to do it now! Already down about 10% from highs but a rebound could happen quickly as the volumes continue to be strong.
Posted using Partiko iOS
Yep it does. A move back to the mid to low 4,000's would follow the trend.
Things are lookin up frens.
Posted using Partiko Android
Yeap. Just with they were for steem as well!
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