Sorry to obsess over crypto, but let’s face it, an asset popping double-digit percentages two days in a row is more interesting than examining, let’s say, the bonds /ZB which are down 0.22%. But let’s look at it from different angle.
Here’s gold, which rode the coattails of crypto a few days, but seems to have rammed its head against resistance. I think it’s done for now.
If one is looking for an opportunity to get into crypto at a “good” price (and the quotes are deliberate, because this is all just nuts) I’d suggest watching the bitcoin/gold ratio, which is a fantastic bullish pattern. If it eases back to the green line, that seems like an opportune time to take the plunge.
Indeed, the zany blast-off in BTC may have hit some empty air already, judging from the minute bar chart (and remember, Slopers, all of this is available in SlopeCharts, which is the source for all these graphs).
