Bitcoin Trading Correlates Gold 1.0
Bitcoin trading joined gold, today, when it halted advance and tipped into correction. Although not a trading recommendation, just yet, technical indications imply a return to at least the January lows. Yesterday’s contradictory signals eventually folded to the side of the bulls as they pushed the advance $10 higher. The bitcoin price move began after gold breached its long-term upper resistance channel last week, and now that gold is correcting strongly from its $1,260 high, the steady bitcoin advance (as evidenced by the momentum indicators, above) also enters correction. That....
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Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....
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