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Bitcoin Misery Index Is Showing A Rare Buy Signal

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sentiment Analysis is helpfull to detect longterm market lows. The bitcoin misery index right now is showing the lowest readings since 2011.

"When the bitcoin misery index is at 'misery' (below 27), bitcoin sees the best 12-month performance," Fundstrat Global Advisors co-founder Thomas Lee said in a Friday report. "A signal is generated about every year." The bitcoin misery index is at 18.8, its lowest since Sept. 6, 2011, the report said. "Think of this index as a way to measure how happy or sad you are owning bitcoin ," Lee told CNBC on "Fast Money" Friday evening.
As of Friday the index was around 18.8 on a scale of 100, "telling us that bitcoin holders are miserable," right now, said Lee, who pointed out that it was the lowest reading since Aug. 2011. ( https://www.cnbc.com/2018/03/09/wall-str... )

Chart:
https://ei.marketwatch.com/Multimedia/20...

Sentimentanalysis is one part of market analysis. The BTC chart today is indicating a possible bullish reversal pattern wich might confirm the Bitcoin sentiment based buy signal.

Bitcoin Misery Index:
https://www.marketwatch.com/story/when-w...
https://www.barrons.com/articles/gauging...
http://www.livebitcoinnews.com/fundstrat...

Market Sentiment Analysis:
https://en.wikipedia.org/wiki/Market_sen...

Comment: BTCUSD @ 9.350: Bitcoin is trying to break the major downtrend line

Comment: BTC@ 9.420 - Reversal Pattern likely to be completed today.

Trade active: BTC @ 9.200 - BTC re tested the lows. Second attempt to break above the major downtrendline is running now. If ever this might be succesfull the break below would be a false break matching high pessimism. If bitcoin is able to raise above this downtrendline again it should be a perfect set up for any long position. Reasing bearishness of market participants should remind long traders to be carefull. Any break below 8,3 is likely to trigger more panic selling. If this attempt to break above the downtrendline is going to fail than traders and hodlers needs to react quickly and sell.

BTC d

BTC d
Trade active: BTC @ 9.650: Re beak above major downtrendline. Sentiment analyis is definitely helpfull to understand market price actions. It looks like that BTC´s drop below the major downtrendline was a false brake.

BTC 1h

BTC d
Trade active: BTC is following precisely technical chartpatterns:

Trade active: BTC @ 9.710: BTC above Downtrendline. Not out of the woods probably but a positiv technical sign of market strength.


Trade active: BTC @ 9.100: Wild swings @ downtrendline.

BTC h

BTC d
Trade active: BTC@ 9,2k: UNCH - Price action @ downtrendline


Comment:
Trade active: BTC@ 9,2k: UNCH - Price action @ downtrendline



Trade active: BTC@ 9,2k: UNCH - Price action @ downtrendline


Trade active: BTC @ 9,2 k: Bitcoin is moving sidelines - but crossing the downtrendline.


Moves like this are at least a sign of bottom building. Next move should be to the upside.
Trade closed: stop reached: BTCUSD: Bitcoin could raise to 9,4 k in the morning. Negative momentum returened quicly after negative news from google had been vowed.

Google says it will ban cryptocurrency ads
http://money.cnn.com/2018/03/14/technolo...
Trade closed: stop reached: BTC @ 8,3k

BTC at SL Order Level 8,3. Trade closed - risks to high.

BTC h

BTC D

Update was made on time here:
Trade active: News: Bitcoin briefly drops below $8,000 again

Finance ministers and central bankers of the Group of 20 major economies are set to meet in Argentina this weekend and are expected to discuss policy on cryptocurrencies.
Bitcoin briefly dipped below the psychologically key level late Thursday morning New York time on Coinbase, the leading marketplace in the U.S. for buying and selling major cryptocurrencies.
Bitcoin fell Wednesday after Google said it would ban advertisements for cryptocurrency-related products beginning in June. https://www.cnbc.com/2018/03/15/bitcoin-...
Trade closed: stop reached: Remark: Trade was closed and is not active.
Trade closed: stop reached: BTC @ 7.865: Sentiment turns more negativ:

Bitcoin's `Death Cross' Looms as Strategist Eyes $2,800 Level
https://www.investing.com/news/cryptocur...
Trade active: re entry @ 8.400 after BTC breaks above downtrendline - once more.

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