Crypto: The GMI Top 5 Weekly Charts That Make You Go Hmmm...

In this week’s newsletter, we’re going to run through the top five crypto charts that are on our radar...

As ever, much fuller and more in-depth analysis can be found in Global Macro Investor and Real Vision Pro Macro. Global Macro Investor is our full institutional research service and Real Vision Pro Macro is the sophisticated retail investor service, which is co-authored with leading research firm MI2 Partners.

Let’s dive right in...

GMI Chart 1 – Bitcoin

The chart of BTC has been a clear stair-step higher and feels close to another big break higher soon...

GMI Chart 2 – Solana

... and SOL has been testing the breakout of the BIG inverse head-and-shoulders pattern...

GMI Chart 3 – Ethereum

ETH put in a new DeMark daily 9 buy Setup this week – these have worked well in the past...

GMI Chart 4 – Ethereum vs. Bitcoin (1/2)

Also, ETH/BTC put in a daily 9/13/9 buy signal...

GMI Chart 5 – Ethereum vs. Bitcoin (2/2)

... and if you zoom out, we think the chart of ETH/BTC looks like a rocket ship!

The GMI Big Picture

Right now, both Fed Net Liquidity and ETH/BTC are sideways...

Bitcoin is also awaiting fresh liquidity...

But remember, the business cycle drives the liquidity cycle, and liquidity is going to continue to rise to offset existing economic weakness (ISM below 50) well into 2024...

The ISM also suggests that ETH will start to outperform BTC...

Lastly, liquidity and a more bullish backdrop will also drive Alts, which are at levels versus BTC that usually produce huge runs...

We think this all kicks off in Q4. That’s it from us this week. See you all next week with another update.

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Enjoy!

Raoul Pal – CEO, Founder - Global Macro Investor

Julien Bittel – Head of Macro Research - Global Macro Investor