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.
Comments
Kazonomics
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Great market cycle comparison sharing to twitter now!
timwest
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Thanks! Was it popular?
759820
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wonderful correlation Tim! I could see it going down for a false break out around the 78.6 retracment potentially
timwest
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Thanks waterboy
ShahrozLodhi
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nice one
timwest
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Thanks
PooyaSalehipour
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Very good pointview tim
BitcoinGuru
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Tim I am keeping an eye on this chart and published an update for it:
I think soon we will be heading like Gold did to 340-350 then go back up
BitcoinGuru
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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
PeterBourne
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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