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 a 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.
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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.
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Indeed, the zany blast-off in BTC may have hit some empty air already, judging from the minute bar chart.
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