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
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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?
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Hey everyone look! Check out @nickgrujic and his incoherent ramblings of an inbred retard!!
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Hey everyone look! Check out @nickgrujic and his incoherent ramblings of an inbred retard!!
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This is a great chart. Thanks
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Pretty good data to go off of!
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Misery? What misery? 🧐🤓🧐
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When the misery index posts a high number, it's not very miserable, a low number... well... it's pretty stinkin miserable.
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hahahhah! very good index!!!
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Are you familiar with it?
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No, but I like it, emotions are everything in trading
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Especially in crypto where there aren't many fundamentals. Everything moves on sentiment.
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I'll try not to cry too much!
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Well, the times are not so miserable right now, so that makes sense.
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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.
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Yep it does. A move back to the mid to low 4,000's would follow the trend.
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Things are lookin up frens.
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Yeap. Just with they were for steem as well!
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It’s pretty obvious that not just Bitcoin but almost every major option is riding very high, and rightly so with such move in recent weeks. There are also several other upcoming options which are making people standup and take notice like Maya Preferred 223, it’s a truly spectacular creation backed by Gold & Silver, and is running nuts with already on FatBTC exchange. It’s around $5,000+ zone and it is pretty much just the beginning given every token is backed by $18,000 worth Gold & Silver. So a truly remarkable opportunity by all means. https://mayapreferred.io/
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Yes security tokens are the next wave. Coins backed by things.
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