And here is the comparison of #BITCOIN and #GOLD. On the 
XAU chart, we can see a classical pattern of an upward trend correction with the parabolic consolidation and the exit upwards. What about 
BTC, currently it is forming the consolidation bottom of the parabola. Thus, somewhere in the zone of $5500+, we should see the price return, but this won't be the fastest process, according to the behaviour of the XAU price during such process.
Why do the charts are similar? Because not only the formation of the triangle looks very similar, but the exit of the triangle and direction of the price movement as well. For a better understanding I advise you to look at the chart below:
Here we can see a chart of #GOLD until today, where the price goes clearly inside the pattern, following all the waves and formations.
And here we can see a chart of #BITCOIN with some deviations, but it is the crypto market, we should remember that this market is more manipulated and unstable. The overall picture looks the same as onXAU chart, so now we should wait for the consolidation and then a continuation of an up-trend.
Thus, if the price continues to move inside the formations, then we will stick to the plan and considerBTC chart similar to $XAU. If we notice serious deviations from the plan, the pattern will be broken.
XAU chart, we can see a classical pattern of an upward trend correction with the parabolic consolidation and the exit upwards. What about BTC, currently it is forming the consolidation bottom of the parabola. Thus, somewhere in the zone of $5500+, we should see the price return, but this won't be the fastest process, according to the behaviour of the XAU price during such process. Why do the charts are similar? Because not only the formation of the triangle looks very similar, but the exit of the triangle and direction of the price movement as well. For a better understanding I advise you to look at the chart below:
Here we can see a chart of #GOLD until today, where the price goes clearly inside the pattern, following all the waves and formations.
And here we can see a chart of #BITCOIN with some deviations, but it is the crypto market, we should remember that this market is more manipulated and unstable. The overall picture looks the same as on
XAU chart, so now we should wait for the consolidation and then a continuation of an up-trend. Thus, if the price continues to move inside the formations, then we will stick to the plan and consider
BTC chart similar to $XAU. If we notice serious deviations from the plan, the pattern will be broken.
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Related publications
Disclaimer
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Klondike Official Links:
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Website:
klondikepro.com/
Public Telegram Channel:
t.me/CryptoKlondike
Twitter:
twitter.com/Robert_Klondike
Trade on Bybit with us:
partner.bybit.com/b/6694
Related publications
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.