Trading Politics

Bitcoin and Gold 6/26

By Daniel Goldman Jun 26 0

I have been keeping an eye on BTC price and volume action. I already noted that we should be wary of trading volume. I do not trust this rally. I can see BTC going a fair amount lower before it starts to grow again. Consider the following chart, which you can click on to take you to a larger version.

It is a bit difficult to see but there appears to be a H&S pattern forming. I tend to rely on the pattern a little too much, but if $BTC goes much lower, then $2,000 seems like a decent target, although I would not be surprised to see BTC go as low as $1,500.

As for gold, anyone who was up late last night or waking up this morning is going to be noticing a fairly nasty drop in both gold and silver. Gold dropped 1% during the flash crash. It was caused by a large sale of gold futures contracts, which is being blamed on a fat finger. That’s certainly possible. It is also possible that we are seeing intentional manipulation. As of writing this article, gold is continuing to descend, after a sort pause in the crash.

All in all it looks to be a fun day in trading. Good luck to everyone.

Further Reading

  • Gold vs Bitcoin
  • The Cryptocurrency Ecosystem (Seeking Alpha)

Tags: bitcoin, gold, silver Categories: Forex

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