This quick idea is intended to illustrate what is happening to Bitcoin and how final it is.
Let's take a look at the development of the Bitcoin / Gold ratio over the last five years.
The thick black line was always the last support.
On March 12, 2020, it was broken down massively and very aggressively and became the new long-term resistance.
Thereafter, on 20th March, the price still tried to overcome the new resistance and was rejected.
From now on it will go down for a very long time and very deeply.
A "hodl" strategy makes no sense at all under these circumstances, unless you are willing to wait many years and want to risk losing everything in the end.
With regard to Bitcoin's long-term prospects, it is particularly important to monitor the further course of the thick black line.
If, as it looks at the moment, it bends and starts to go down, then the Bitcoin dream is over.
The line will bend if the price of Bitcoin remains permanently below it and cannot break out beyond it.
Take care & stay healthy!
Let's take a look at the development of the Bitcoin / Gold ratio over the last five years.
The thick black line was always the last support.
On March 12, 2020, it was broken down massively and very aggressively and became the new long-term resistance.
Thereafter, on 20th March, the price still tried to overcome the new resistance and was rejected.
From now on it will go down for a very long time and very deeply.
A "hodl" strategy makes no sense at all under these circumstances, unless you are willing to wait many years and want to risk losing everything in the end.
With regard to Bitcoin's long-term prospects, it is particularly important to monitor the further course of the thick black line.
If, as it looks at the moment, it bends and starts to go down, then the Bitcoin dream is over.
The line will bend if the price of Bitcoin remains permanently below it and cannot break out beyond it.
Take care & stay healthy!
Comment:
And yet it looks as if the fate of the Bitcoin is sealed.