This chart tells a deep story.

I wanted to add a bit more data to my earlier post about the 1M MACD bearish cross.

Here we have:
- BTC
- COPPER/GOLD
- ISM/PMI
- MACD

COPPER/GOLD and PMI tell an accurate story on the current position of the liquidity/economy cycle.

I have highlighted the times in which BTC has had 1M bearish MACD cross over the last 8 years, and if we observe all the charts together it shows us this:

In 2018 and 2021 COPPER/GOLD & PMI were at the highs after expansion, beginning to downtrend.

In 2019 and now, COPPER/GOLD and PMI are at the end of contraction/long downtrends.

They are fundamentally different periods in the liquidity cycle and you can't compare one to the other just by using a MACD, which is a lagging indicator anyway.

I hope this helps someone.