Unusual change in correlations

October 23, 2023

It’s 23 October 2023, and the signal just flipped positive. It has been 2 months of sloppy price action and consolidation, but our biggest fears have subsided and we believe there is a good chance we finally break the 31-32k region. I want to turn your attention to GOLD and how tightly correlated BTC and GOLD are on a Trending basis. Both respond to the same catalysts with Bitcoin leading the way.
The biggest risk we saw was potential turmoil in the US Treasury market, but most of the move has already unfolded and even GOLD flipped back into the positive Trend. So we are the buyers of BTC at 29700-29800 on futures. Signal is decisively positive, let us see what the future holds.