Former Goldman Sachs executive Raoul Pal suggested that some critical metrics of stocks, Bitcoin (BTC) and Ethereum (ETH) are sounding the alarm.
Ethereum and NDX
The macro guru addressed the Nasdaq (NDX) to his 991,200 followers via Twitter, suggesting that a descending wedge pattern on his charts could be ready to break. The expert included the following statements in his name explanations:
NDX is also trying to break the wedge…
In addition, the crypto currency analyst suggested that Ethereum (ETH), the leading smart contract platform, could come out of a falling wedge model and reach a higher support level, such as $ 1,500. In addition, the analyst emphasized in his statements::
ETH is breaking the downtrend and the descending wedge … The big test may be at the levels of about 1,500 dollars … Let’s see what the coming days will bring to us…
At the time of writing, Ethereum is trading at the level of 1,310 dollars.
Finally, Raoul Pal reviewed the performance of Bitcoin (BTC), the flagship of the cryptocurrency markets, in past periods and said that Bitcoin has been the best-performing asset in the last decade. The analyst stated the following about the issue:
It is interesting to see that BTC has been the best performing asset in seven of the last 10 years. the year 2022, on the other hand, was not a good performance, but the worst performance! But since 2013: BTC has increased by 114,000%, NDX +392%, SPX (Standard & Poor’s 500 Index) +203%, Fed Balance Sheet +201%.
At the time of writing, Bitcoin is trading at the level of 17.424 dollars.
Raoul Pal then noted that gold is forming an inverted head and shoulders (H&S) chart, which in this case indicates an imminent rise. In his speech, the macro guru said the following:
There are many interesting market structures not only in crypto currencies, but also in general Sundays. When I consider the gold charts, I can say that it creates an important head and shoulders pattern on the charts.
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