timwest

BITCOIN - Weekly 2013-Present Is mimicking the Gold Bull Market

COMEX:GC1!   GOLD FUTURES
880 23 21
Perhaps Bitcoin will continue to follow
the pattern charted out by the Gold             Market

Compare the bull market move in Gold Futures            
on a Monthly Basis from 1975-1987 to the
Weekly Chart of Bitcoin from 2013-present.

As we already know - this is PURE ENTERTAINMENT:
Markets Mimicking Each Other
(In reality - it's just a chart of enthusiasm)

I hope you enjoy how similar they are, with highs and lows a similar size and percentage retracement of previous moves. So, if Bitcoin follows along the path charted by Gold             , then it will drift sideways to lower for the balance of 2014 and then drift higher into the first quarter of 2015. Upside to 600 and downside to about 350 in that time frame.

But - I'm just showing you this... I'm not banking on it!

Tim 12:07AM EST Tuesday, August 19, 2014 466.06 last BTCUSD             BITSTAMP

MONTHLY GC1!             22DAY CHART ON BOTTOM, WEEKLY BTCUSD             BITSTAMP 5DAY.
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Very good pointview tim
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Tim I am keeping an eye on this chart and published an update for it:

http://prntscr.com/9khjdw

I think soon we will be heading like Gold did to 340-350 then go back up
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Tim this is undoubtedly one of your best charts here.
Fits BTC like a glove :P
so far seems that BTC will not go above $500 if I compare it to Gold we will know in few weeks if thats the case
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PeterBourne BitcoinGuru
I think I may have to revise my opinion on BTC. As to Gold it may be at or near a major long term support area of $1000.00. Its very oversold. We may have had or will have shortly, I believe , the final capitulating selloff , it is then when 'everybody has given up' on gold it may have a spectacular up move as we have seen in BTC.

Will BTC exceed $500 - probable not with its current move
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BitcoinGuru PeterBourne
yeh thats what im thinking too. I think BTC ATH was $504 and this was the weak retrace to it till $475 just like we had $1170/980, $680/660 pumps before.
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Great market cycle comparison sharing to twitter now!
+1 Reply
timwest PRO Kazonomics
Thanks! Was it popular?
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wonderful correlation Tim! I could see it going down for a false break out around the 78.6 retracment potentially
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Thanks waterboy
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nice one
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