BillCharison
Long

Two Brothers - #BITCOIN & #GOLD

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
When we compare #BITCOIN and #GOLD charts, we always talk about their similarity - when the one grow, the second do the same and vice versa. Such a relation was formed by the fundamental value and identity of these assets.

For example, as you probably have already heard, there were some terrible news about Iran general killed by US strike. A lot of people tied them with the recent BTC pump and I think they were right. However, the main asset reflecting to war news is gold . Correlation between gold and bitcoin has risen in 2019 and now it's easy to notice that with this BTC pump (only after gold ). We can conclude that the opening of gold market is really important to bitcoin . BTC will likely copy gold market moves in the coming days.


Now we can see that $BTC lags behind $XAU, so logically, in the near future we would see the same sharp growth on the $BTC chart as well. To make it clear, let me explain what did you I mention on the chart. The red zone is the first correction of the growth, then the growth continued and we saw the second correction - green zone. And then, after the pump, we saw a bullish wedge , which plays as a correction of the growth, in both cases.

Now $BTC chart is forming a positive and upward picture, such as $XAU after bottoming after falling wedge formation. Therefore, currently we are watching a key step from #BITCOIN to form a new upward movement, after the recent dump.
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Comments

charvey63 BeingCryptic
@BeingCryptic, This is awesome
+2 Reply
aconcept BeingCryptic
@BeingCryptic, One of these days it will get tired of dumping.
Reply
Also, the way I'm seeing the TA is that we have to break through a pretty solid downtrending channel before we get too excited about new highs for btc. Current move is still in line with a suppport & resistance channel which is printing lower highs and lower lows. Support was at $6k and new resistance is near 8K. Currently I'll going long on a very short term trade. Sell at 8k range. A safer long would present itself If we can close above 8K on the daily, and it holds. The iran news is enough for a short term move but I'm skeptical on it being enough to really change the trend direction. BTC will be primed for newer highs when the stock market begins to correct or consolidate.
+6 Reply
I don't see any relation between gold and bitcoin. But i'll leave my daily bitcoin update here:

+5 Reply
Morpheus_RED monetae_CB
@monetae_CB, BTC is maybe having a delayed reaction. But Fear surrounding Iran/US tensions may lead to a break-out
+1 Reply
merochero monetae_CB
@monetae_CB, the only relation is the Tether pumpers that are trying to make a connection with any actual viable market, and conveniently try to pump it right along different assets: this week i have seen the desperate attempt to connecting it to the DJI and now spot GOLD movements. this Bitcon will soon be flushed down the toilet, for countless reasons.
Reply
keltra monetae_CB
@monetae_CB, I don't get it. Is OP's two charts wrong? Its obviously related - anyone can see that. Unless you implying he faked the data?
Reply
keltra keltra
@keltra, Or he cherry picked. Either it looks very convincing.
Reply
Bitcoin is digital Gold and has all the features of gold. Some of those feature are even better than Gold. Bitcoin is a finite limited resource whereas Gold is scarce but not unlimited. Bitcoin is much easier to store than Gold. Bitcoin is much easier to move than gold. Bitcoin is border less in that you can travel very easily with Bitcoin but not Gold. Bitcoin is a better fit in the new digital Internet world. As far as safe havens are concerned, once all of the available supply of gold is bought up Bitcoin will catch an even bigger bid.
+4 Reply
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