íŕçâŕíčĺ

Feeling Bullish? Even The ‘Bitcoin Misery Index’ Says Don’t Be Miserable

Fundstrat analyst and infamous Bitcoin bull Tom Lee has already seen success from his new ‘Bitcoin Misery Index’ which told traders to buy Friday.


Anything But Miserable

As various media outlets report on the tool, Fundstrat’s head of research outlined how recent price dips have given a rare decisive ‘buy’ signal – one of only five in Bitcoin’s entire nine-year history.

Ranked from one to one hundred, Lee determines a Bitcoin score of 27 and lower means investors should get in, while a ‘sell’ signal occurs at 67 or higher.

Currently, Bitcoin scores 18.8, marking only fifth occasion that is has retrospectively dipped below the 27 marker.

The previous visit was in September 2016 and only brief, with the most recent lows constituting Bitcoin’s second lowest score ever. The only time the reading would have been lower was in September 2011 – at 16.2.


Feeling Bullish? Even The ‘Bitcoin Misery Index’ Says Don’t Be Miserable

Lee: Mt. Gox Sell-Offs ‘Don’t Change Anything’

Downward selling pressure on BTC comes as the specter Mt.Gox continues to rear its head, unsettling markets.

Last week saw revelations that one trustee had liquidated almost $400 million in Bitcoin and Bitcoin Cash since December 2017, with the prospect of another $1.9 billion following so that long-suffering creditors can receive lost funds.

Sold in several bulk moves, each lump sum trade reversed upward momentum in Bitcoin markets, leading to lows which touched $5900 in February.

Despite the weekend delivering further losses, Lee’s index saw success from its unveiling, the ‘buy’ signal being duly followed by a slight uptick from $8400 to $9500 Saturday.

Lee himself remains bullish on the longer-term prospects for Bitcoin prices after the Mt. Gox moves complete.

“It’s a short-term concern, but it doesn’t change anything,” he told Barron’s about the liquidations, adding he imagined those funds could even end up back in Bitcoin afterwards.

What do you think about the Bitcoin Misery Index? Let us know in the comments below!

Images courtesy of Shutterstock, Tradingview.com

11.03.2018 / 12:25 69
Cryptocurrency Market Stalls at $380 Billion, is Bitcoin Ready to Climb Up? Cryptocurrency Market Stalls at $380
The cryptocurrency market has been highly volatile throughout this week, as major cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin
The Bitcoin Misery Index: Finding An Entry Way With Sadness The Bitcoin Misery Index: Finding An
This week the Wall Street analyst and Fundstrat executive, Tom Lee, has revealed a new index that helps cryptocurrency investors know the right time
Wall Street Analyst Creates Bitcoin Misery Index For Traders Wall Street Analyst Creates Bitcoin
Wall Street analyst Tom Lee creates a “Misery Index” that lets traders know how “miserable” Bitcoin hodlers are based on current prices. Wall
Bitcoin Price Hit 2018 Lows Because Of $400 mln Mt.Gox Sell-Off: Reports Bitcoin Price Hit 2018 Lows Because Of
Bitcoin markets “absorbed” the impact of Mt. Gox trustees selling almost half a billion dollars worth of BTC and BCH in recent months. Bitcoin
Bitcoin Price Technical Analysis for 03/07/2018 – Short-Term Reversal Signal? Bitcoin Price Technical Analysis for
Bitcoin Price Key Highlights Bitcoin price seems to be running out of steam on its recent climb as it tests resistance around $11,500. Another drop
Bitcoin Gains Significant Momentum, Rising Above 50-Day Average Bitcoin Gains Significant Momentum,
Things are slowly coming together for Bitcoin as of right now. With the BTC price noting a 50-day high the current situation looks pretty
Comments (0)
Add a comment
Comment on