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...
A chart Peter Schiff does not want you to see.
Bitcoin is no doubt David in the fight against safe haven goliath gold. Bitcoins market cap is growing at an incredible rate, and I imagine as seen in this chart there have been a lot of selling into BTC. Let's now view it below with a gold cryptocurrency.
This chart shows a macro fractal in bitcoins price that cannot be seen when pricing bitcoin against US dollars. It can only be seen using the inverted Gold/Bitcoin chart.
As fiat inflates, loses value, and ultimately collapses it is clear the Gold/Bitcoin pair will become the single most important currency pair.
If this fractal holds any weight then we might...
Let me start off by saying I hold a very small position in Ethereum, and do not think that Bitcoin will be the currency of the future. However, I came across this built-in ratio and couldn't resist playing around with Fibonacci time-zones to see if anything interesting popped up. The (potential) results I came across shocked me, so I thought I'd share them here...
Looks like Gold might go bullish for a while vs BTC on the monthly chart, BTC will probably get it's turn again after, for now Double bottom on the Monthly chart is showing a possible reversal coming over the next few months.
I am totally new to the world of crypto currency. If I understand correctly this chart indicated Bitcoin has been increasing in value against gold. A rsi divergence is detected which implied that the trend may be reversing and Bitcoin will depreciate in value against gold and that aslo means the price of Bitcoin in USD has peaked or may be crash landing as Bitcoin...
One more move down... and one more very last move down... and one more...
But then, at some point, there's just BOOM!!... and the upward slingshot movement starts!
Or am I looking at this the wrong way?
(Note: we are looking at the Weekly chart)
It's pretty easy to see the 10x moves on a log chart with lines drawn at 100, 10, 1, 0.1, 0.01, etc...
That's the analysis.
If you can find an asset with a ten-year uptrend vs. $BTC please share it.
... the Gold/Bitcoin ratio.
Far oversold on all scales. This means that compared to Bitcoin, Gold either becomes completely useless or is just very cheap. What do you think it is?
It is worthwhile to follow the development for example on 1h. Right now it seems to be reversing. Stay tuned, it is going to be exciting.
To explain it simply, if the blue curve keeps...