Cryptocurrencies

Bitcoin Misery Index Signals Bull Run Brewing, Says Fundstrat Research – BTC, ETH, XRP, LTC, BNB, EOS, BSV, XMR, ADA Forecasts

By September 10, 2019 No Comments

This article was originally published here.


 

The head of research at Fundstrat says the firm’s proprietary Bitcoin Misery Index (BMI) suggests a rally may be on the horizon.

Tom Lee just shared the company’s analysis from the end of July, which predicted a summer of sideways consolidation for BTC.

According to the analysis, a drop in the BMI toward a key level of 50 points indicates Bitcoin may be set to rally between October of this year and February of 2020.

The BMI features a scale from 0 to 100, and is designed to offer investors a look at how “miserable” Bitcoin (BTC) holders are, based on the leading cryptocurrency’s volatility and price.

Last year, Lee described the mechanics of the scale to CNBC.

“When the Bitcoin misery index is at ‘misery’ (below 27), Bitcoin sees the best 12-month performance. A signal is generated about every year. When the BMI is at a ‘misery’ level, future returns are very good.”

Bitcoin is down 0.50% at $10,208, according to COIN360 at time of publishing. Ethereum is down 0.75% at $179.37, XRP is up 0.06% at $0.2571 and Litecoin is up 2.14% at $71.42.

Source: COIN360

CoinDesk analyst Omkar Godbole says BTC is searching for direction and holding above a key support level at $10,060.

“A break below $10,060 would strengthen the bearish setup on the daily chart and could yield a drop to $9,755 (Aug. 22 low).

The outlook would turn bullish if BTC invalidates the bearish lower-highs setup with a UTC close above $10,956 (Aug. 20 high).”

Here’s a look at the latest analysis from across the cryptoverse.

Bitcoin

CoinDeskBitcoin consolidates above $10,200 after failed price breakout

NewsBTCBitcoin price could accelerate losses in the near term

Ethereum and EOS

FX EmpireETH and EOS leave major support and resistance levels untested

XRP

FXStreetXRP/USD struggling with trendline resistance under $0.27

Litecoin, Binance Coin, Bitcoin SV, Monero, Cardano

CointelegraphBTC dominance shows signs of cooling: LTC, BNB, EOS, BSV, XMR, ADA analysis

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