The battle between gold and bitcoin as the true store of value continues and over the next couple of months to few years the bias appears to be in favor of gold. Gold has been taking a beating against bitcoin with a tough downward log resistance line since 2015. Gold has held its own well enough to go sideways from time to time but ultimately these consolidations have resolved bearishly.
The divergences are marked out on the RSI and Log MACD are pretty promising at this point as is the Log MACD crossing its signal line. It will be interesting to see how the price action acts when it reaches its long term resistance line again. The double bottom "should" have enough strength to get price action through the long term resistance line and it will be interesting to see how impulsive the move will be when it happens.
A key question is "will gold be going up by itself or just less impulsively to the downside compared to bitcoin" and I am under the operating assumption that gold will be trending up. I have the Heikin Ashi candles on the main chart to show
I see the that the EMAs on Gold have crossed bullish after as significant downtrend and pretty soon there should be a blue sky break on gold. It is going to take a while for it to get going in earnest and there will be a lot of give back here and there but the trend is going to be up for the next couple of years if the pattern holds.
The divergences are marked out on the RSI and Log MACD are pretty promising at this point as is the Log MACD crossing its signal line. It will be interesting to see how the price action acts when it reaches its long term resistance line again. The double bottom "should" have enough strength to get price action through the long term resistance line and it will be interesting to see how impulsive the move will be when it happens.
A key question is "will gold be going up by itself or just less impulsively to the downside compared to bitcoin" and I am under the operating assumption that gold will be trending up. I have the Heikin Ashi candles on the main chart to show
I see the that the EMAs on Gold have crossed bullish after as significant downtrend and pretty soon there should be a blue sky break on gold. It is going to take a while for it to get going in earnest and there will be a lot of give back here and there but the trend is going to be up for the next couple of years if the pattern holds.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion