Long

My personalized bitcoin index (factoring in USDT fluctuations)

Updated

It averages the price across 9 exchanges, while calculating the actual USD value of bitcoin in USDT markets by multiplying the respective exchange rates by the value of USDT according to Kraken.

Here's the formula for the chart in case anyone wants to use it themselves: (COINBASE:BTCUSD+BITSTAMP:BTCUSD+GEMINI:BTCUSD+POLONIEX:BTCUSDT*KRAKEN:USDTUSD+BITFINEX:BTCUSD*KRAKEN:USDTUSD+BINANCE:BTCUSDT*KRAKEN:USDTUSD+BITTREX:BTCUSDT*KRAKEN:USDTUSD+OKCOIN:BTCUSD+HITBTC:BTCUSD)/9

See related ideas(or find me on twitter/facebook/steemit) for more reasons why I'm so bullish.

The chart should pretty much speak for itself, breakout of a falling wedge...

Note

I forgot to mention the perfect triple bottom that was formed on this chart the day of the USDT FUD. The target would be similar to the falling wedge target, perhaps a bit higher.

Note

xxxx wrote:@WayAtTheEnd Why do you use tether exchanges?

The more exchanges I use, the more comprehensive the data is. The USDT exchanges are quite significant... and I fix the USDT price by multiplying USDT exchanges by USDT/USD. Less noise in the chart overall the more comprehensive the data is, and it allows me to see the somewhat suspicious volume from USDT/USD lately that I otherwise may not have noticed... It's the most accurate reflection of price I can think of being possible to attain from tradingview so far, so I had to try it out and share it.

Note

Today was an obvious bear trap, right down to the most obvious linear resistance line that I had identified in this chart, which can be seen a bit better in the hourly candle version with a few modifications from my friend that posted it:

I can't say with certainty at the moment that he didn't adjust the line red line to be perfect, but I suspect that was the case already.

Note

I should proof-read... "right down to the most *significant* linear resistance(as far as I'm concerned)" is what I should have said. too bad you can't edit comments.

Note

Bullish divergence with RSI spanning about a year, as long as that last low holds up.

tomtourettes

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