CRYPTOS - Warning for COMEX:GC1! by etfsandstuff

As much as i will be hated for this i decided to post my gold vs cryptos scenario. I feel cryptos are at risk of becoming irrelevant in the unfolding gold bull market and here's why. The best case is the gold vs crypto charts. I am posting the gold vs BTC chart here and i will post other crypto charts vs gold on this thread to prove my point. Gold has broken out after 5 waves down... it's a big deal for those EW technicians following this. Dont get me wrong i love crypto and im a miner... BUT when it comes to investing in the right market at the right time i will chose whatever is the stongest. In this case gold is far outperforming crypto for a long time already and is getting stronger day by day. I believe BOTH will benefit from a dollar crisis but i believe gold will be the ultimate winner. See my charts below for more info on this topic.

Comment:

As i said here are some updates...
GOLD/LTC major breakout... we are very close to an ultimate breakout in LTC... will see

Comment:

ETH we have the gap up breakout... more confirmation that gold is going to kill cryptos:

Comment:

Monero... breakout in gold against XMR... too bad i love XMR !

Comment:

Gold vs Silver.... major buy spot for silver! The cheapest you will get silver is NOW!

Comment:

again.. zero likes! Thanks guys! this has just confirmed to me that i am correct!

Comment:

Here we have the entire history GOLD/BTC chart showing a nice retest of the breakout trendline and corresponding bounce higher, this has a lot to do with the move in gold recently... plenty of money leaving all assets including cryptos for the safety of gold. Like it or not, it's happenning.

Comment:

I would sell BTC here at the red trendline upper resistance!

Comment:

BTC is now back within the bullish channel but is currently between both the up and down trendlines. I expect a consolidation inside this yellow triangle and a break... which way? Well... we will have to wait and see but should be a good signal! If it's a fake breakout might require a quick reversal in postion.

Comment:

BTC significant reversal at FIB resistance (turqouise area) and back below the breakout trendline on high volume and wide ranging bar. If we cannot get back above the blue trendline we could see a major selloff from here. ALT coins and ETH / LTC confirming weakness. I would not be long here until the upper trend line is rebroken.

Comment:

You think BTC can survive in a bubble on it's own? I sure don't. It's called sector analysis and as of this time in history it is still used in every type of financial analysis. There is no reason i can think of that it shouldn't apply here. One look at the long term chart of "OTHERS" (alt coins) shows an ominous head and shoulders pattern and clear long term trend line break. Indeed, most if not all of these crap coins are completely worthless. Anyone buying these hunks of digital garbage now are in complete denial and also dont know how to read a simple chart. My theory of what we are seeing now with BTC is the last of the money being funneled out of crap coins into the last remaining hope, BTC. Like a giant vacuum cleaner BTC is sucking up those scared dollars that have been sitting around steadily losing value. This is the opposite of FOMO, this is that panic moment in ALT coins and is what is driving BTC up now. Once this giant vacuum finishes sucking up the last remaining dollars from the ALT coin market and a lack of new cash coming in cannot sustain it any longer i believe the large players start cashing out and take BTC to new lows. Hey don't shoot me for pointing this out! I always look at both sides of any investment, and never get married to an idea. Overall i am still neutral... BTC is bullish still and the rest is quite bearish. If i see ETH, LTC, XMR start confirming what bitcoin is doing i might get bullish again. For now , i am sitting back and watching the show. Here is the sad ALT coin market... the only chance i can see it has is bouncing from the blue dashed line... but i really doubt it will come back.

Comment:

bounce at lower TL / consolidation

Comment:

I have almost given up alaysing cryptos personally... they are yesterdays news...
Gold and silver are the new bull market... you can chose to waste your time keeping your money in this scam sector of move to a real sector with real companies, with real balance sheets and real prospects ... BTC is nothing more than a lottery ticket and i dont get any enjoyment out of it personally.

Comment:

Bull markets NEVER happen within 2 years of each other... 10 years MINIMUM!
This rally is fake! I am completely bored with crypto now. I was in BTC at 20 dollars... at that time nobody i told this to believed me. No i didnt make millions! I sold out at 1200 top and made a lot. My point is that BTC MIGHT go up again but it will ne in 2027 or later. Study history of the markets fools! Bull markets NEVER.... ever in history go up after 2 freaking years. The year 2000 dot com bubble to 2010 bottom was the shortest in history. And you think BTC will bottom in 2 years? You are betting against the history of all trading then. Good Luck!

Comment:

Back inside the triangle... AGAIN... now riding the bottom of the uptrend channel. Will it hold ? I don't think so !

Comment:

... and ALT coins continue to deteriorate day after day establishing a stronger trend as we go along. Im sure the average ALT coin HODLer now approaches their computer covering one eye. They also probably sleep in later, staying under the covers .... lol ! Should've bought gold stocks suckas !