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$XAU/ $BTC — the long-term curve structure may finally be breaking.
Look at the compression in the trend angles over the entire history.
In the previous cycles, XAU/BTC consistently made meaningful new ATL lows. But in the latest cycle, instead of producing another significant breakdown, it only made a marginal sweep before creating a new ATL.
Why?
Because the long-term trend angle has compressed almost to zero — around 0.3%.
That is an important structural change.
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