Silver and Gold are both picking up steam as investors seem to be rotating capital out of bitcoin and into the metals. Both look like nice long setups going into the summer but I'm focusing on xag because I personally believe it's undervalued. xagusd is forming a coil like pattern that have a tendency to breakout upward. It's also pressing against the HTF...
My Elliot wave count. I lazily placed elliot counts on the silver to BTC chart. Silver is so flatline to bitcoin on the linear chart, that fibonacci is useless on the silver to BTC chart. My take: Silver relative to bitcoin is in the dirt. Great buying opportunity, when you consider politicians think the printing press is this magic thing that spits out money...
One of our teammates pointed out a very interesting correlation! Silver used to be 14x Value of BTC Now it is less then 1% - - - What does this mean to you?