A while ago I did a fractal comparison between BTC and gold, because a few people here on TV and me noticed the incredible fractal similarity between the BTC behavior and the gold behavior.
Of course, the timescale for gold is far greater, since gold has a much higher marketcap, thus doing everything much slower.
But in principle, the charts look really similar.
I adjusted the fractal components a bit, because it seems that this latest pump to 13.8k and dump to now low 10k's matches more to the gold runup to 740 in May 2006, instead of the runup to 1040 in March 2008.
This would mean that BTC should continue pumping soon.
We would get a strong dump around ATH, which makes sense since there is historically always very high resistance.
But then surprisingly it would resume the uptrend and peak at around 60k, which would also fit the other longterm curved trendline analyses.
In the next weeks it will be shown if BTC indeed does a gold runup,
or if BTC decided to shift in lower gears and take a break for a while.
I'm fine with either way :)
Of course, the timescale for gold is far greater, since gold has a much higher marketcap, thus doing everything much slower.
But in principle, the charts look really similar.
I adjusted the fractal components a bit, because it seems that this latest pump to 13.8k and dump to now low 10k's matches more to the gold runup to 740 in May 2006, instead of the runup to 1040 in March 2008.
This would mean that BTC should continue pumping soon.
We would get a strong dump around ATH, which makes sense since there is historically always very high resistance.
But then surprisingly it would resume the uptrend and peak at around 60k, which would also fit the other longterm curved trendline analyses.
In the next weeks it will be shown if BTC indeed does a gold runup,
or if BTC decided to shift in lower gears and take a break for a while.
I'm fine with either way :)
Comment:
A nice shakeout that was, now it seems to want to continue the uptrend. Still in line with the gold chart.
Comment:
It looks more and more as if this scenario will be soon ruled out !
Instead BTC seems to be doing its classical approach that we all know and love:
Like in 2012, 2016 etc.
These long plateaus every time :)
This is nice, because then BTC will peak higher of course, if it hits ATH later (2020-2021)
Instead BTC seems to be doing its classical approach that we all know and love:
Like in 2012, 2016 etc.
These long plateaus every time :)
This is nice, because then BTC will peak higher of course, if it hits ATH later (2020-2021)
Comment:
If the pump doesn't continue soon, which currently it doesn't look like it will, then the gold fractal scenario is ruled out, and BTC goes back to the good old behavior which we all know and love :)
Comment:
It looks now over 90% likely that this scenario is ruled out.
BTC is taking the classic route, which I actually really prefer over the fast route.
BTC is taking the classic route, which I actually really prefer over the fast route.
Comment:
If this pump continues without long pauses now over the 13.9k top, this scenario would be back in again. It's really hard to know right now what BTC is up to. So even though this here is not completely ruled out yet, the more time passes, the unlikelier it becomes.
But then again, BTC is always good for surprises.
I honestly have to say I have no idea whatsoever which route BTC will take. But we'll see soon how this pump here develops.
But then again, BTC is always good for surprises.
I honestly have to say I have no idea whatsoever which route BTC will take. But we'll see soon how this pump here develops.
Comment:
Hmm...if BTC indeed goes over 13.9k, then the gold fractal is back on the table. I updated it:
It seems to be taking longer than anticipated, which is good. The longer it takes, the higher it will go.
Before getting all excited however, we should first wait for confirmation of BTC going to 14k+
It seems to be taking longer than anticipated, which is good. The longer it takes, the higher it will go.
Before getting all excited however, we should first wait for confirmation of BTC going to 14k+
If it goes to 7300 (middle weekly bband and fib support), or even 6k, it would in turn mean that this whole runup would take more time and wouldn't be so insanely fast with the top in October/November.
It will be decided soon.