📊 Weekly Chart Analysis – BLX/GOLD (Bitcoin to Gold Ratio)
📉 Current Price: 25.90
Price is sitting at a key support zone, aligned with the ascending trendline (green).
The 0.618 Fibonacci retracement level (26.47) from the full impulse move (8.35 → 37.67) is being tested.
The 200-week MA is also nearby, adding strength to this support area.
🔍 Indicators:
MACD (Weekly):
Still bearish, with a confirmed downward crossover.
No visible bullish divergences yet — bearish sentiment persists.
RSI:
Hovering near 40 — not oversold but approaching the zone.
Room for further downside, but also potential for a bounce from oversold conditions.
Stochastic RSI & Momentum:
Stoch RSI is bottomed out, suggesting a possible upside reversal.
Volume is declining on the sell-off — a possible sign of seller exhaustion.
🧠 Market Structure:
The overall pattern resembles a rising wedge, potentially broken to the downside.
However, price is now retesting the bottom of a long-term parallel channel — a historically favorable zone for long entries.
🧭 Possible Scenarios:
📈 Reversal & Bounce Holding 25–26 support, Stoch RSI reversal Medium-High
📉 Break to 20–23 Failure to hold Fibonacci & trendline Medium
⚠️ Sharp Drop to 15–20 Only if BTC crashes or gold rallies hard Low
🟢 Summary:
Price is at a critical confluence zone: Fibonacci, horizontal support, trendline, and oscillators all align here. A bounce is likely unless this level is decisively broken. If it holds, this may be a strong mid-term long entry signal.
📉 Current Price: 25.90
Price is sitting at a key support zone, aligned with the ascending trendline (green).
The 0.618 Fibonacci retracement level (26.47) from the full impulse move (8.35 → 37.67) is being tested.
The 200-week MA is also nearby, adding strength to this support area.
🔍 Indicators:
MACD (Weekly):
Still bearish, with a confirmed downward crossover.
No visible bullish divergences yet — bearish sentiment persists.
RSI:
Hovering near 40 — not oversold but approaching the zone.
Room for further downside, but also potential for a bounce from oversold conditions.
Stochastic RSI & Momentum:
Stoch RSI is bottomed out, suggesting a possible upside reversal.
Volume is declining on the sell-off — a possible sign of seller exhaustion.
🧠 Market Structure:
The overall pattern resembles a rising wedge, potentially broken to the downside.
However, price is now retesting the bottom of a long-term parallel channel — a historically favorable zone for long entries.
🧭 Possible Scenarios:
📈 Reversal & Bounce Holding 25–26 support, Stoch RSI reversal Medium-High
📉 Break to 20–23 Failure to hold Fibonacci & trendline Medium
⚠️ Sharp Drop to 15–20 Only if BTC crashes or gold rallies hard Low
🟢 Summary:
Price is at a critical confluence zone: Fibonacci, horizontal support, trendline, and oscillators all align here. A bounce is likely unless this level is decisively broken. If it holds, this may be a strong mid-term long entry signal.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.