Intraday Market Thoughts

Bitcoin Breaks Gold Channel

by Ashraf Laidi
Dec 27, 2021 19:08

As a follow-up to Friday's video on the recurring patterns of bitcoin vs USD, gold and miners, here are the latest charts on Bitcoin/Gold since the video was posted. The latest weekly chart (left) continues to drive the idea that Bitcoin will push higher--the opposite from mid May --  after holding above the mid $40ks. Relative to gold, Bitcoin's pattern remain similar to summer 2020 (middle chart). Bitcoin must close the month above $53K in order to preserve its 7-month upward channel, while maintaining positive momentum vs XAU. This would imply considerable upside vs USD as long as XAUUSD holds above $1770s. Feel free to watch from part 13:25 mins of the video for Bitcoin/Gold section.

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Bitcoin Breaks Gold Channel - Bitcoin Gold Dec 27 2021 (Chart 1)


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