These charts could mean nothing to you . But its telling a truth that capital probably flowing from Crypto currency which is under hard situation to commodities esp GOLD. BTCUSD finished a ABC wave (blue) up to almost 20k, while almost at the same time ( December 2017, same month) Gold finished a ABC descending trend.
Gold is definitely in a bullish trend while CRYPTO is in the bear.
Just a thought, do not be mean here! Cheers! Less is more!
코멘트
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BTCUSD
코멘트
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we will follow the channel and two support and resistance zone to see how it goes.
Hey @FUNTRADER-Vera ! Can we have an update on this? Gold is approaching its resistance since summer 2016 which slowly started the bull run for Bitcoin.
josephtse
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You the best. Just wondering if you know anyone on here that uses an API to pull in Tradingview data to do correlation studies for said instruments - gold vs btc vs USD vs BTC? Would make life easier.
hedging or not, look at the dollar index at dec 11th. thats what this is about. gold and btc are both traded in usd and the correlation to it is imho much more directly visible than the gold btc correlation. that's also because gold is a commodity and prices move much different and momentum is much slower than currencies. that there are hedgefunds with million of dollars in btc is no secret. but also, arbitrage trading. often the reaction is delayed by 1 or even 3 days. you always have to watch close for looming changes in the market and better instead of using it rather wait what happens, then act.
But then again, somebody smart keeps saying: "Less is more" :)