The popular Dutch analyst Michaël van de Poppe has his focus on gold this week. According to He is the graph of gold “the most important thing to keep an eye on” this week. According to him, if gold starts a correction, he must be able to take advantage of it.
Why does the gold price have to fall?
Gold is of course an asset that investors normally flee to when economic uncertainty increases. The opposite applies to Altcoins. Investors flee from this when a recession or other crisis threatens.
For that reason, Van de Poppe states that a decrease in the gold price is important for altcoins. After all, that could mean that investors are increasingly prepared to take a risk, and that is exactly what Altcoins need at the moment.
According to Van de Poppe, gold has one bearish lower high Setup printed on the 6-hour chart. That would suggest that the gold price could fall to $ 3,200 in the short term.
“As long as gold remains under $ 3,365, we will probably see a sharp fall in the coming 1-2 weeks, between 4-10%. That must result in a sudden macro-economic change,” says Van de Poppe.
But it can also go wrong
According to Van de Poppe, a strong revival of altcoins after a correction of gold is not yet certainty. He states that the scenario outlined by him can still be in the soup if gold manages to break the level of $ 3,365.
“If it breaks through that crucial level, then the theory is invalid, and we are probably heading for new highlights. That would then mean that we are heading for new lows for Altcoins.
For me this is crucial. A correction in gold and rally in the CNH (Offshore Chinese Renminbi) implies that we then see more interest towards Crypto, “says Van de Poppe.
At the time of writing we see the gold price rising slightly to $ 3,339. This means that the precious metal still acts under the course indicated by Van de Poppe, but it is paying attention.
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