So, here’s what I’m observing.
Today, perhaps the heaviest sumo wrestler crushing the altmarket is gold.
Have you noticed that the decline in Bitcoin dominance by whole percentage points is EXTREMELY MODEST (VERY EXTREMELY MODEST) and hasn’t helped to OTHERS
strengthen position?
What’s going on?!
I have already expressed the idea of “consecutive vessels” earlier,
based on the fact that one decline in Bitcoin dominance is not enough
for the alt season. To begin with, we need a strengthened ETH,
and then a decline in its ETH dominance… And so on.
And here is a very large inverse relationship for altcoins.
Gold futures…
If we open the composite monthly chart OTHERS.D/GC1! and apply Reverse RSI and
Price Heat Meter, we can clearly see that gold did not give the altcoins a break,
causing them to fall in inverse proportion to their growth.
The passage of candles below the green-turquoise line (1 point) indicates extreme
oversold altcoins, as this is a monthly chart.
Note that in the case of the Price Heat Meter, a value of ~2% can also be interpreted
as extreme oversold (the kettlebell bottomed out).
A thin blue line is forming, and later the absolute minimum “cooling” mark will be
printed on it, after which a reversal will begin.
The candlestick pattern looks like a reversal is just around the corner.
However, the forecasts for gold are such that the market is going
to continue buying regardless of prices without a significant correction.
Honestly, I don’t know the answer for gold.
I’m still thinking and don’t know when I’ll offer an idea for GC1!
But I know for sure that I will publish an update to this chart.
