After Gold broke out of a Bullish Flag there was a back test of the downward sloping trendline that acted as resistance until now turned into support resulting in another bullish flag breaking out on a smaller time frame.
I'll link a chart on a smaller time frame displaying another bull flag.
Keep in mind everyone, anything under approximately 1800 USD is fair game for massive rejection & continuing a lower high trajectory on a Macro scale.
I'm not sure if people understand this, some say Gold is a store of value & I agree, kinda....
It depends on what you consider a "store of value."
Because technically, since Aug 2011 Gold has been in a bear trend, and it appears as though it could very easily make a double top, unless Gold creates a new all time high with the more recent bullish activity.
Gold went as high as $2,172.26 USD in January of 1980, and dropped nearly 75% afterwards & went into a 21 YEAR BEAR MARKET. Nice STORE OF VALUE!
Bitcoin on the other hand has much faster boom & bust cycles.
Gold went from $678 USD in Feb 1934 to $236 by Dec 1970, over a 50% decline & a 36 year bear market until the price recovered increasing 10x in 10 years from 1970 to 1980's.
I wouldn't be surprised if Bitcoin retested it's 2017 ATH before Gold retests its January 1980 ATH!
Bitcoin has provided greater returns since 2015 than owning an ounce of Gold at spot price since 1975, even after Bitcoin has fallen from recent All Time Highs.
This trend will continue, Bitcoin & crypto related assets can be part of your portfolio, even if its only 5%
I'll link a chart on a smaller time frame displaying another bull flag.
Keep in mind everyone, anything under approximately 1800 USD is fair game for massive rejection & continuing a lower high trajectory on a Macro scale.
I'm not sure if people understand this, some say Gold is a store of value & I agree, kinda....
It depends on what you consider a "store of value."
Because technically, since Aug 2011 Gold has been in a bear trend, and it appears as though it could very easily make a double top, unless Gold creates a new all time high with the more recent bullish activity.
Gold went as high as $2,172.26 USD in January of 1980, and dropped nearly 75% afterwards & went into a 21 YEAR BEAR MARKET. Nice STORE OF VALUE!
Bitcoin on the other hand has much faster boom & bust cycles.
Gold went from $678 USD in Feb 1934 to $236 by Dec 1970, over a 50% decline & a 36 year bear market until the price recovered increasing 10x in 10 years from 1970 to 1980's.
I wouldn't be surprised if Bitcoin retested it's 2017 ATH before Gold retests its January 1980 ATH!
Bitcoin has provided greater returns since 2015 than owning an ounce of Gold at spot price since 1975, even after Bitcoin has fallen from recent All Time Highs.
This trend will continue, Bitcoin & crypto related assets can be part of your portfolio, even if its only 5%
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