Far oversold on all scales. This means that compared to Bitcoin, Gold either becomes completely useless or is just very cheap. What do you think it is? It is worthwhile to follow the development for example on 1h. Right now it seems to be reversing. Stay tuned, it is going to be exciting.
To explain it simply, if the blue curve keeps going up, it obviously makes no sense to hold on to Bitcoin, you are much better off exchanging it for Gold and holding on to it.