They move together leading and lagging, there is some relationship between the two even if it is as fundamental as being a commodity like product.
Thank you for crafting this chart as it opens up the dialogue on correaltions of this pair. I know that you have put some time and work into this observation, and I want you to know how much I do appreciate it. I do hope others here on TradingView will see its value in the conversation as the name gains a foothold. Sincerely, Beauty
This is a great piece of analysis and I thank you for it. I would, however, caution the fact that despite the depression in the (heavily manipulated) COMEX market, Gold is currently subject to a run on the bullion (physical) markets with defaults at various banks in the news. As a result there is a fair and increasing chance that the COMEX could gap up at any moment, so to assume that Bitcoin will follow its fall comes with some risk. Having said this your trade idea might work as an arbitrage trade (buy Gold/Sell Bitcoin - through BTC.sx for example) as a means of mitigating the risk. Just a thought...
@BeautyBubble @commanderwilson Thanks for the great feedback its hard to show on the chart what it was like watching these very closely but there is something there, as far as Gold goes definitely could be going down hard right now and cryptocurrencies do their own thing, very cautious about correlation analysis instead I just watch $GC_F only (COMEX ;-)