Gold looks horrible... Don't get me wrong, I love gold, it is just the chart that looks horrible.
XAUUSD. Here we have a rising wedge pattern, which is a bearish formation.
The RSI has been moving within the overbought range for almost two years.
Remember how on the USOIL chart we saw an entrance into overbought range as good, just the entrance. Once the asset in question remains overbought for a long time, then it becomes a bearish signal.
When Gold first entered the overbought range in April 2024, this was certainly a bullish development. Instead of overbought, we can read it as "super strong."
After years being overbought, bearish divergence and so on, then we know what comes next.
XAUUSD produced a lower high on the weekly timeframe, a strong one. Last week produced the strongest bearish candle since the ATH. Both ended as a bearish top/peak signal.
There is no positive correlation between Bitcoin and Gold.
Here is why I see-say that Bitcoin will go up while Gold (XAU) and the stock market (SPX) move down.
» The SPX is trading near its all-time high. Bitcoin is trading at multiple years low.
» The SPX is set to produce a correction. Bitcoin already went through very a strong correction.
» As the SPX traded near resistance, ATH, Bitcoin was crashing down.
The same can be done substituting SPX for GOLD.
» GOLD is trading near its all-time high. Bitcoin is trading at multiple years low.
» GOLD is set to produce a correction. Bitcoin already went through a very strong correction.
» As GOLD trades near resistance, its ATH, Bitcoin was crashing down and trading at support.
» » » » » As both The SPX & GOLD move to perform a strong correction, Bitcoin will move up.
Not because there is anything special with Bitcoin and the altcoins market, but only because these already crashed.
While the other financial instruments continued to produce new all-time highs, our beloved Cryptocurrency market was suffering much.
As the conventional market starts to crash, Bitcoin and the altcoins market will grow.
It is only natural. Buy at the bottom, sell at the top.
Sell those green, trading high.
Buy those red, trading low.
Of course, anything can happen. Market conditions can always.
The way the chart looks now, I am bullish on Bitcoin, bearish on Gold and the SPX.
Namaste.
XAUUSD. Here we have a rising wedge pattern, which is a bearish formation.
The RSI has been moving within the overbought range for almost two years.
Remember how on the USOIL chart we saw an entrance into overbought range as good, just the entrance. Once the asset in question remains overbought for a long time, then it becomes a bearish signal.
When Gold first entered the overbought range in April 2024, this was certainly a bullish development. Instead of overbought, we can read it as "super strong."
After years being overbought, bearish divergence and so on, then we know what comes next.
XAUUSD produced a lower high on the weekly timeframe, a strong one. Last week produced the strongest bearish candle since the ATH. Both ended as a bearish top/peak signal.
There is no positive correlation between Bitcoin and Gold.
Here is why I see-say that Bitcoin will go up while Gold (XAU) and the stock market (SPX) move down.
» The SPX is trading near its all-time high. Bitcoin is trading at multiple years low.
» The SPX is set to produce a correction. Bitcoin already went through very a strong correction.
» As the SPX traded near resistance, ATH, Bitcoin was crashing down.
The same can be done substituting SPX for GOLD.
» GOLD is trading near its all-time high. Bitcoin is trading at multiple years low.
» GOLD is set to produce a correction. Bitcoin already went through a very strong correction.
» As GOLD trades near resistance, its ATH, Bitcoin was crashing down and trading at support.
» » » » » As both The SPX & GOLD move to perform a strong correction, Bitcoin will move up.
Not because there is anything special with Bitcoin and the altcoins market, but only because these already crashed.
While the other financial instruments continued to produce new all-time highs, our beloved Cryptocurrency market was suffering much.
As the conventional market starts to crash, Bitcoin and the altcoins market will grow.
It is only natural. Buy at the bottom, sell at the top.
Sell those green, trading high.
Buy those red, trading low.
Of course, anything can happen. Market conditions can always.
The way the chart looks now, I am bullish on Bitcoin, bearish on Gold and the SPX.
Namaste.
Trading Cryptocurrencies can be the hardest undertaking ever without the right trade-numbers, without accurate private-access information. Free is free, but the best always requires sweat, an investment. Since 2017 👇
t.me/masteranandatrades/8778
t.me/masteranandatrades/8778
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Trading Cryptocurrencies can be the hardest undertaking ever without the right trade-numbers, without accurate private-access information. Free is free, but the best always requires sweat, an investment. Since 2017 👇
t.me/masteranandatrades/8778
t.me/masteranandatrades/8778
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.