Wall Street Analyst Creates ‘Bitcoin Misery Index’ For Traders
From Cointelegraph
Wall Street strategist and co-founder of Fundstrat Global Advisors Thomas Lee has developed a ‘contrarian index’ that lets investors know how ‘miserable’ Bitcoin (BTC) holders are based on current prices, CNBC reports.Read more: https://cointelegraph.com/news/wall-street-analyst-creates-bitcoin-misery-index-for-tradersThe index is called the Bitcoin Misery Index (BMI) and was designed as a trading tool for investors to take advantage of volatility in BTC exchanges. BMI is calculated on a scale of zero to 100, taking into account factors such as volatility and the number of winning trades out of the total. When the indicator is low, the buying opportunity is at its best, and vice versa.
“When the bitcoin misery index is at ‘misery’ (below 27), bitcoin sees the best 12-month performance. A signal is generated about every year,” Lee explained to CNBC in a Friday report. "When the BMI is at a 'misery' level, future returns are very good."
At the moment, the Bitcoin index is at 18.8, which is an absolute minimum since Sept. 6, 2011, the report said.
HODLing bitcoin is all about ignoring these times. Life is suffering and bitcoin is misery. Long live bitcoin!
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really good article! I did know about this. Definitely Bitcoin is a really good buy right now.
here is my last article on cryptos: https://steemit.com/bitcoin/@williamcrypt97/why-i-love-these-4-projects-and-you-should-too
Time to buy back in at $6999?
End the misery
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