The 7 year xauusd trend presents a freakishly similar fractal pattern to the 4 month btcusd bear trend. All throughout 2019, bitcoin and gold had been performing nearly neck and neck, when at some point gold took the lead and the crypto market took pause. Bitcoin versus gold price […]
Finally, he pointed out the similarities between the 1970s gold chart fractal and today’s bitcoin price action. Gold versus bitcoin price fractal: If bitcoin price action continues to follow the fractal, a.
Although The Two Charts Correspond To Different Time Frames, It Is Hard Not To Notice The Numerous Similarities.
Bitcoin daily & the gold fractal on the daily we can see price broke through the 200 ema with ease before getting a bit of a bounce from the $8,200 level. Bulls are pushing the crypto towards $18,000 as they move to erase its recent losses. Bitcoin’s price may be suffering from weekend slumps yet again and it has dropped over 11 percent from the $19,200 level.
The Fractal, Seen Below, Suggests That Bitcoin Is Trading Similar To Gold Did In The 1970S.
While looking at long term gold weekly chart, i stumbled upon this idea of that gold might be doing what bitcoin did. What bitcoin did in a few weeks ( very short time ), gold could be doing the same but gold would take longer time to print this pattern. Bitcoin / tetherus (binance:btcusdt) 39090.37 −128.80 −0.33%.
According To One Crypto Analyst, A Fractal On Gold Price Charts From 2011 Matches The Price Action Within Bitcoin’s Recent Triangle Chart Pattern Formation.
$8,200 is a level i thought could hold or at least provide a significant bounce and did briefly buy some spot in the area which i later cut when i saw the bounce led to a rejection by the 200. Like the crypto asset, gold also broke down from the formation, resulting in an extended reaccumulation and consideration phase that it is only now ending as the precious metal embarks on. Finally, our analyst also points out the similarities that the current bitcoin fractal exhibits with the gold price chart from the 1970s.