๐ GIGLING RACING TOURNAMENT ๐
We're running a live Gigling Racing tournament with a few great prizes to win!
Streaming with @aizcalibur from @playgigaverse on FRIDAY - 10 AM UTC!
Want in? Drop a comment below๐
waking up to the latest CURATED trends on Noise -- their commentary and live markets -- was a magic moment for me
discovery based on ppl around the world submitting things and valuing them -- NOT algorithms
a new special event is now LIVE!
race giglings to win @playcambria dungeon keys
free to play, #1 race winners receive 25 keys each
event runs from 23nd june till 27th june
200 total races with 50 daily split over 8:00 PM UTC and 8:00 AM UTC
GLHF -> https://t.co/l3Yps4KFne
Ah... that looks like a more suitable point 1 for the bear market.
A move to the cycle bottom mark on the Aroon Oscillator, in the same month as all other point 1's (June).
One more move to cycle bottom levels should make point 2.
Are bear markets getting less severe over time? Percentage-wise, yes, that's been the trend.
86%, 84%, 77%.
Data-wise, no. Unlike cycle tops which show a clear diminishing across nearly all data, cycle bottoms have been very consistent.
Logarithmic MVRV is not at cycle bottom levels. The very accurate and more conservative cycle bottom target of the Realized Market Cap MA, 42.5k, has not been reached.
A move there would be a 66% drop which is still over 10% less than last cycle's bear market.
And again, more aggressive cycle bottom targets like the magic band's low 30k's are not off the table.
two big updates have landed
GIGAMARKET is now on web meaning it is accessible directly outside the game for trading items
faction shard produced by ROMs as a new type of food for GIGLINGS
On the Magic Bands V2, Bitcoin is still only halfway to the aggressive cycle bottom target of 29k.
Price has broken below level 2 (blue), which has happened at various points in other bear markets. The common thread is a move to Level 1 (yellow) and eventually the cycle bottom band (red).
I'm not saying that Bitcoin must go to the cycle bottom band this bear market (although it is possible).... but to have excellent consistency across all cycles and then bottom in the middle of the bands would not make sense.
I believe data is getting progressively more challenging to interpret. This has already been true for the past two cycle tops and the last cycle bottom.
What looks like an obvious weekly bullish divergence on RSI like November 2022 may prove to be just a red herring.