Quick plot to illustrate the resistance zones just shy of 1300. Besides the phsych value of 1300 round, many fibs align there. I would be surprised to see it break through without pullback.
My last plot was a short which timed out nicely
Then closed shorts and went long looking for this bounce
Overall I am bullish, expecting near 1400 price range
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Here we are in the thick of it just before London Open. Closeup shows the precise relfections off each line thus I can have more confidence is the other lines plotted by those Fibs. Whether price drops here or not, just this observation is worth noting.
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Might have snuck past resistance here but Gold tends to do that, run a little above the obvious resistance then turn. NY markets not open yet, lets see what they do with it today.
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Now at next resistance zone. This will be a true measure of bull strength. I expect a clear pullback here, but lets see.
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We have an initial reaction to the Resistance zone now lets see if it can fall back below 1300 round and test the previous zone below.
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Since last update just above, that resistance zone around 13.04 rejected price, but only to the previous resistance which acted as support Now we are back to the zone, which will likely break this time, at least for a stop hunt above as NY opens.
Interestingly ... Bitcoin started to move polar opposite to gold in, what seems to be, the favour of gold being a last resort purchase. If we look at both charts, Gold looks poised for a pull back, while Bitcoin looks poised for a run up to 5700-6000k. The drama at this point is which direction will everything flow ? It's like a confluence... I've not seen anything like it.. will they both start to move back in unison, or will they both do the opposite of what seems most likely ?
EuroMotif
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@michro11, Indeed, it has been fascinating watching Bitcoin verus Gold and Stocks.
Historically BTC has not been correlated to any other assets others certain countries' fiat (when the fiat becomes useless or inaccessible).
Last week Gold and BTC were opposite correlation. All in all I have to conclude that Crypto is still seen as a "Risk Asset" by large investors.
Hopefully the BTC bottoming process and recovery will change that attitude to one of it being a "Safe Haven" like Gold has been forever....
UnknownUnicorn2012266
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thanks--much needed lines of gold ;)
EuroMotif
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@ntabish12, you're very welcome my friend.
Best of luck in all of your Trades!