A Bitcoin indicator with a ‘perfect’ history just told you to buy the dip

A Bitcoin indicator with a 'perfect' history just told you to buy the dip

“A $40,000 BTC price provides a classic entry point, the Bitcoin to stablecoin ratio oscillator suggests.
MicroStrategy may be as smart as ever “buying the dip” in Bitcoin (BTC) as an indicator with a “perfect” history tells traders to buy.In a tweet on June 15, popular analyst Cole Garner flagged bullish signals for the Bitcoin to stablecoin ratio oscillator.Buy the dip or mind the whale?After MicroStrategy announced plans to raise another $1.5 billion, the proceeds of which could be used entirely to purchase Bitcoin, BTC/USD cemented support at $40,000.The move followed praise from both Elon Musk and investor Paul Tudor Jones, the latter now advocating a 5% BTC position in comparison to the previous 1%.Currently, the Bitcoin to stablecoin ratio oscillator predicts a classic buying opportunity, even at new local highs.The oscillator measures the amount of Bitcoin on exchanges relative to the amount of stablecoins. According to Garner, when the ratio’s moving average enters a lower bound, shown in green on an accompanying chart, it’s time to enter BTC/USD.Bitcoin to stable ratio oscillator with buy points highlighted. Source: Cole Garner/ TwitterSince 2019, the indicator has not failed once at catching a bullish uptrend in Bitcoin.“A perfect BTFD hit rate since 2019, and it just printed another buy signal,” Garner commented.Ki Young Ju, CEO of on-chain monitoring resource CryptoQuant, which produces the indicator, nonetheless sounded the alarm over a possible fresh sell-off this week. This, he said, could come from Bitfinex, where a whale has amassed a significant short position.“If dumping happens again, it might come from Bifinex,” Ki told Twitter followers. “Most of the exchanges have digested most of the $BTC inflows after the plunge. Except for Bitfinex. All eyes on Finex whales.”Bitcoin unexecuted volume index as of June 11. Source: Ki Young Ju/ TwitterTrader eyes “MicroStrategy fractal”MicroStrategy committing more funds to Bitcoin, meanwhile, could be enough positive news in itself to buoy the market.Related: Bitcoin price could hit $85K in months as indicators flip bullish — ReportAs noted by Filbfilb, co-founder of trading suite Decentrader, MicroStrategy buy-ins have uncanny timing when it comes to higher BTC spot rates.This, he told subscribers of his Telegram trading channel on Friday, was more like a “fractal” than a casual relationship. CEO Michael Saylor continues to be vocal on Bitcoin amid the fundraising announcements, earning a significant platform on social media. “If you invest 5% of your portfolio in bitcoin, you have made the decision to invest 95% of your portfolio in assets getting demonetized by bitcoin,” he responded to Tudor Jones.”

Source: Cointelegraph.com News

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