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This is comparison of Bitcoin (BTC) versus Gold (XAU), so if the: *price is going up, it means BTC is stronger than XAU *price is going down, it means BTC is weaker than XAU
After strong initial impulse down the pair has been consolidating for almost 5 months and formed this triangle📐. Now the price is breaking down out of this triangle and if it really breaks, I think there is chance for drop to 7.5. TARGET being height of the triangle projected from midpoint of the local range (pink). So this call is predicting that Bitcoin will lose -30% against the Gold.
As you know recently it was a total carnage for crypto market because of the FTX fail. Actually I predicted this FTT extreme drop 2 months ago in the idea down below:
The current situation between Binance and FTX being also a reason why I think the investors will move the funds from crypto to precious metals - safe haven. Let me know your thoughts!
Check my other stuff in related ideas.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Comment
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Prediction going so far so good and I'm here with little update. After the break out of the triangle we have been consolidating in form of rising channel as shown on the closer look below. This channel has been broken to the downside recently which is indicating further downside sooner or later. Seems like money still flowing from Bitcoin to Gold...
Not bad, colleague, this idea is not as good as your own previous work, but in a market like this and it looks like a pretty interesting idea
bizmark
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@TradingStat, thanks for the comment.
mauigut02
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using basic fib retracements have been accurate for prior cycles, and it points to 7.86; regardless wouldn't be surprised if it just simply moved along the 400 weekly MA sitting just above 8.0