Bitcoin in a clean pitchfork uptrend channel analog to LitecoinJust like Litecoin Bitcoin is in a clean pitchfork uptrend channel unlikely to break anytime soon.
Major institutions and investment fonds have started to buy Bitcoin as a currency hedge and are unlikely to sell anytime soon. See BitcoinTreasuries.org
Also Bitcoin has now overtaken Visa, Mastercard, JPMorgan and soon Berkshire Hattaway as the largest financial asset. See AssetDash.com
While Bitcoin's newly mint coins (new supply) decreases every 4 years, gold mining has increased from 21 mln troy ounces to over 118 mln troy ounces over the past 100 years. Bitcoin is scarcer than gold and features an integrated world wide payment / transfer system, whereas gold needs armed trucks to securely transport and store it.
Bitcoin-gold
BTC/XAU - Still it is not an all-time-high...Hello,
I do not treat the U.S. Dollar shitcoin as a money. That is why I like to look sometimes for the prices in relation to pure Gold. Bitcoin, for instance, still do not has its ATH in relation to Gold. The ATH is at the level 15.58 oz of Gold per one Bitcoin.
Bitcoin is on the good way to ATH in relation to Gold, however it still needs to increase its value.
Best regards,
Paweł
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GBP/USD : BEARISH GARTLEY PATTERN ON H4 TIMEFRAME 🔔Analysis of #GBPUSD
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Strategy: Bearish Gartley on H4 timeframe - We will be waiting for all the confirmations to enter in this trade.
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EUR/AUD : PRICE ACTION ON DAILY TIMEFRAME 🔔Welcome back Traders, Investors and Community!
Analysis of #EURAUD
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Strategy: Price action on daily timeframe - We will be waiting for all the confirmations to enter in this trade.
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EUR/GBP: PRICE ACTION ON DAILY TIMEFRAME 🔔Welcome back Traders, Investors and Community!
Analysis of #EURGBP
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EUR/GBP : BEARISH CYPHER PATTERN IN H4 TIMEFRAME 🔔Analysis of #EURGBP
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USD/JPY : ABCD PATTERN + BREAKDOWN IN DAILY TIMEFRAME 🔔Welcome back Traders, Investors and Community!
Analysis of #USDJPY
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DXY, Bitcoin, SPX (S&P500), Euro & GoldLess of a tutorial and more of an observation. Worth a look at the relationships if your new to trading. Bitcoin's addition is intriguing.
Wishing you all a Merry Christmas and a Successful New Year.
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Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
What you might really look at is ...... 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 going up, it obviously makes no sense to hold on to Bitcoin, you are much better off exchanging it for Gold and holding on to it.
EURUSDMost people who stop with the 1 day timeframe seeing the breakout might be waiting a slight pull back so they find entries and go long. This might be effective if you are a scalper or day trader. For traders that will hold their positions for weeks or months, let’s take a look at the weekly and monthly.
A thread:
⭐⭐⭐⭐⭐The MOST IMPORTANT CHART of the year ⭐⭐⭐⭐⭐1. Dollar is looking for direction (will it bounce off this level or will it drop/ and how much?)
2. NFP tomorrow is HUGE data coming out and will push Dollar over or off the current level (price is now on a crucial support level )
3. Next inflation data (Dec 10) and trade balances will be crucial data
4. Dollar price will affect most of your trades:
- metals (negative correlation- especially Gold , Silver , Copper )
- indices (positive coefficients, which means that as the value of the U.S. dollar increases, so do the stock indexes )
- stocks (which shares to choose / which to sell / how to diversify and hedge - 40% of shares follow the dollar)
- Bitcoin (the new safe haven to many may increase dramatically if the dollar crashes)