After Gold broke out of a Bullish Flag there was a back test of the downward sloping trendline that acted as resistance until now turned into support resulting in another bullish flag breaking out on a smaller time frame.
I'll link a chart on a smaller time frame displaying another bull flag.
Keep in mind everyone, anything under approximately 1800 USD is fair game for massive rejection & continuing a lower high trajectory on a Macro scale.
I'm not sure if people understand this, some say Gold is a store of value & I agree, kinda....
It depends on what you consider a "store of value."
Because technically, since Aug 2011 Gold has been in a bear trend, and it appears as though it could very easily make a double top, unless Gold creates a new all time high with the more recent bullish activity.
Gold went as high as $2,172.26 USD in January of 1980, and dropped nearly 75% afterwards & went into a 21 YEAR BEAR MARKET. Nice STORE OF VALUE!
Bitcoin on the other hand has much faster boom & bust cycles.
Gold went from $678 USD in Feb 1934 to $236 by Dec 1970, over a 50% decline & a 36 year bear market until the price recovered increasing 10x in 10 years from 1970 to 1980's.
I wouldn't be surprised if Bitcoin retested it's 2017 ATH before Gold retests its January 1980 ATH!
Bitcoin has provided greater returns since 2015 than owning an ounce of Gold at spot price since 1975, even after Bitcoin has fallen from recent All Time Highs.
This trend will continue, Bitcoin & crypto related assets can be part of your portfolio, even if its only 5%
Bought as Bitcoin
Lost as bitgone
Remembered as bitcon
ScotianBot
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@NemoTrader, Oh really, since Bitcoins creation it has stored more value than the USD.. The USD is on the verge of going belly up & you're here defending paper that cost 14.2 cents per 100 dollar bill? Get outa here with that nonsense, lol. Or at the very least provide a thoughtful argument or debate for a "store of value" that was just created out of thin air & given to Banks as yet another bailout.. C'mon, stop supporting this corrupt narrative.
NemoTrader
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@ScotianBot, You're a donkey let me teach you basic lesson.
The only value bitcoin has is a perception it actually has zero intrinsic value and let me prove it.
If everyone in the world thinks Your Bitcoin and your Gold coins and your fiat is worthless, what can you do with your bitcoin, gold coin, or fiat?
Well with fiat you can wipe your ass to extract value if it go's to zero, or even burn it to keep you warm, with gold you can conduct electricity, to extract value or even wear it as jewelry, with your bitcoin at zero you can't do nothing to extract value...
If you cant understand this and still think what you think, you're destined to lost every penny and I don't feel bad.
ScotianBot
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@NemoTrader, anytime someone results to childish insults that are irrelevant than I guess I've proved my point. How much value has the USD loss on a % gain basis compared to how much Bitcoin has appreciated on a % gain basis, very simple math.
ScotianBot
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@ScotianBot, It cost 14.2c to create 1 one hundred dollar USD Bill, and when the FED simply types it in the computer it's basically free money, stfu you clown.
NemoTrader
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@ScotianBot, I'm the clown? You believe in bitcoin and justify it because price went up, now get broke clown!
ScotianBot
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@NemoTrader, I trade Bitcoin, and yes I believe in the network more than the Federal Reserve's printing press. To each their own. My justification is not only the price increase, if Bitcoin was 100 dollars today it would still have real-world use cases for people every day who suffer sanctions from the U.S "aka biggest terrorist in the world," and others who don't have access to traditional banking, other who simply want privacy. How do you believe in them without justifying the fact it costs 14.2 cents to create each 100 dollar BILL, yes, you're a clown until you justify owning pieces of paper with racist white faces on it like it's cool or something. Grow up, evolve with the time's grasshopper.
NemoTrader
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@ScotianBot, I am the expert, and you will ride to zero, heavy bags with zero demand to sell into is your destiny, only after will you realize how stupid you and many others were
Bought as Bitcoin
Lost as bitgone
Remembered as bitcon