This is the Monthly chart of Bitcoin vs Gold
Since there is a lot of conversations going on between Gold people and Bitcoin people, I thought lets check numbers instead of just circling around words.
Bitcoin is moving in range as compared to Gold. Note that it is in the bottom of the range where traders generally look to buy.
While Bitcoin is going down vs Gold, for the past three months (current month yet to close), the volume is not supporting, it is going down as well. Not much of a conviction?
50EMA is rising and just below as support.
I see higher highs continuously while this is the first attempt where it is testing prior low after creating fresh high.
All in favor of Bitcoin until now.
I also see a case of Double Top, that could favor Gold people. But nothing else that I can notice.
So I do think the odds are in favor of Bitcoin.
Looking forward to see the confirmation on Month close though.
In short, I still think exciting times are ahead for Bitcoin.
