Continuing Gold Price Decline Shows How Bitcoin Is Far Different
Over the past few years, Bitcoin has often been compared to gold, as both forms of wealth allegedly rely on scarcity to make them inherently valuable. Additionally, both Bitcoin and gold are generated through a process called “mining”, albeit both currencies take a different approach to completing this process. Now that the gold price keeps plummeting, that comparison to Bitcoin seems no longer valid, as the digital currency has been relatively stable all year. Even though the price per ounce of gold is still well above US$1,000, there seems to be less and less interest from investors to....
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The bitcoin price chart remains in slumping mode and continuing decline is inevitable, yet, interspersed with crosscurrents. Best to sit out until a clear signal becomes evident in the charts. Price is likely to oscillate within the range of the past few days before a definitive signal manifests in the chart. Notice in the 4hr chart, above, that price remains below the 20MA (green). There is little techincal resistance to continuing decline, but we remain cautious of a bullish stampede higher, prior to such decline. It would be plain contrary to say Brexit had nothing to do with the market....
Bitcoin price just set a new all-time high against the US dollar and other top global fiat currencies. But what might be even more significant, is the fact that the gold standard itself is breaking down against BTC after this latest rally. The gold versus Bitcoin price chart shows that in the past, each time support broke down, the precious metal dropped 90% in value against BTC on a per ounce basis. Here’s a look […]
Bitcoin price declined below 1hr chart support in early trade, today, after which price has been drawing sideways. At the time of writing it appears likely that another wave of decline is on the cards. The bitcoin price chart shows indications that favor continuing decline, although confidence is still low so close to the top of the advance. Price action at wave turnings can often extend to a new price extreme as the market adjusts to accept reversal. Although decline seems likely, the bulls can spring another wave to the upside, so refrain from betting too big at the moment. Better trade....
After a long break, monthly purchasing data shows that central banks are buying gold again. The World Gold Council says throughout March and April, the organization recorded a higher level of central bank monthly gold purchases and the latest data from May shows the exact same trend. Gold Rises After Data Shows Central Bank Gold Purchases Trend Higher The price of gold per ounce is hovering just above the $1,800 zone, after seeing some fresh gains following the weekend. Gold’s value jumped above its 100-day moving average and is changing hands for the highest price in two weeks. In....
Bitcoin price has drawn sideways around $450 (Bitstamp) for most of the day before making a rounded push higher. The decline may be over but additional price action is needed so soon after the strong upside reversal. The attached 15-minute chart shows price action since early May. A few chart annotations relating to previous analysis are visible, but today’s analysis focusses only on the drop since yesterday. It is unclear whether price has found support at the $450 level, and will now begin another slow push higher, or whether the sideways price action is setting up the next leg of....