The chart below shows the performance of the #Bitcoin / #Gold ratio. As the ratio moves higher it signifies the outperformance of Bitcoin over gold. When the ratio moves down, the reverse is true, and gold is outperforming bitcoin.
I see enough signs to suggest that the ratios decline is at least stabilizing. This week we are seeing a breakout of the falling wedge that has been forming since mid-January. The MACD has turned higher from oversold territory and is approaching a cross of its signal line. The full stochastic has completed what is routinely referred to as a double bottom and has began to move higher.
What does this mean? This is a key ratio for both bitcoin bulls and bears because one of the main investment themes for bitcoin is its replacement of gold. As this ratio moves higher it supports this investment thesis. However, be warned, when this ratio rises it does not necessarily mean that bitcoin will rise in terms of U.S. Dollars.
Now the time of bitcoin and hope it will be up in future.
I sure hope you are right. I do have a position. Of my #crypto portfolio, #bitcoin represents about 65% of my holdings. In the last week, although it has been choppy (especially today), I am seeing signs that the price is stabilizing. However, it could still be awhile before we move higher. I do still see a scenario where we could approach $5,000 or even $3,000 before eventually moving higher.
PS: Thank you for the vote!
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