Gold And Bitcoin May Resume Their Uptrend Soon; Can Bitcoin Catch Up Gold?
Gold has turned lower in the last two months, which has been expected as we saw market in fifth wave of an extended wave 3 after breaking to new ATH. Well, what we see now is a new corrective pause for a higher degree wave 4 that can be coming to an end, which would send the price higher for wave 5 of III.
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Bitcoin with ticker BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March before making some new pullback that is now still in progress. It appears that this can be higher degree wave IV on a daily chart, ideally a deeper A-B-C flat correction that can stop anywhere in the 55k-50k area.
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Gold is actually already bounceing and it’s already on fire, as it may have a completed correction within bullish trend and that’s why we see Bitcoin/Gold ratio chart coming lower. But, as soon as BTC/GOLD ratio chart completes wave (C) of a higher degree A-B-C correction in wave 4, this is when BTC/GOLD ratio chart could be headed towards all-time highs for wave 5, where Bitcoin may catch up gold to the upside.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.