GOLD and BITCOIN - Interesting Combination!

First of all, I would like to thank TradingView for this chart combination!

XAUBTC is approaching its all-time low around 0.5 - 0.6 so we will be looking for buy setups!

For XAUBTC to go up, there are three scenarios:

1- GOLD UP, and BITCOIN DOWN (best case scenario)

2- GOLD UP, and BITCOIN UP but with Gold moving up more aggressively.

3- GOLD DOWN, and BITCOIN DOWN but with Bitcoin moving down more aggressively.

How to trade it?

Well, it depends on your trading style/plan. but here is what I am waiting for as per my trading plan:

ON H1: XAUBTC is forming a trendline in blue but it is not valid yet so we are waiting for a new swing high to form around the upper trendline to consider it our trigger swing and buy on its break upward.

The stop loss goes below the last swing low, and we always target double our stop loss size to have an edge over the market.

Meanwhile, until the buy is activated, XAUBTC would be overall bearish and can still break the blue level and trade lower.

Good luck!