Marius Johnsrud
Short

Could Gold predict Bitcoin?

COMEX:GC1!   Gold Futures
534 4 0
I see two things:

1) Gold             and Bitcoin             have been negatively correlated lately.
Could a bounce on support in gold             (@1200+/-) be signalling a pullback in Bitcoin?


2) When gold             took out major support, both gold             and Bitcoin             sold off (even though the last one wasn't much on bitcon)
If gold             breaks support at 1200 (with follow through), will bitcoin             fall with it?
Given the vertical move on the coin, a real pullback could be pretty large (thinking at least 700)



Personal idea: If bitcoin             crashes, gold             will probably rally (the flight to quality thing)
Btw: one bitcoin             is almost worth as much as an ounce of gold             . Which would you invest in for the long term?

Hummmmm, why would it? Bitcoin have been moving reverse from Gold, hence you would rather expect Gold to move up when Bitcoin falls.
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right. that was the main point. as i said, i saw two ways gold and bitcoin could move together. gold flush -> bitcoin flush (as happened earlier) and gold bounce on support -> bitcoin fall (which sort of happened)
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I'm afraid gold can stay in its down trend longer than bitcoin will make it rising... They've got different momentum.
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Marius Johnsrud ForceFollower
totally agree. bitcoin has been looking pretty blow off-ish for quite some time now (the old "...vertical fashion"). my thinking is that some of the people that are watching bitcoin are also watching gold (the rebellious investors/traders) and therefore a larger move in gold could affect this crowd. thinking about a larger change in gold as a catalyst. some consider both alternative currencies.
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