I see two things:
1) Gold and Bitcoin have been negatively correlated lately.
Could a bounce on support in gold (@1200+/-) be signalling a pullback in Bitcoin?
2) When gold took out major support, both gold and Bitcoin sold off (even though the last one wasn't much on bitcon)
If gold breaks support at 1200 (with follow through), will bitcoin fall with it?
Given the vertical move on the coin, a real pullback could be pretty large (thinking at least 700)
Personal idea: If bitcoin crashes, gold will probably rally (the flight to quality thing)
Btw: one bitcoin is almost worth as much as an ounce of gold. Which would you invest in for the long term?
1) Gold and Bitcoin have been negatively correlated lately.
Could a bounce on support in gold (@1200+/-) be signalling a pullback in Bitcoin?
2) When gold took out major support, both gold and Bitcoin sold off (even though the last one wasn't much on bitcon)
If gold breaks support at 1200 (with follow through), will bitcoin fall with it?
Given the vertical move on the coin, a real pullback could be pretty large (thinking at least 700)
Personal idea: If bitcoin crashes, gold will probably rally (the flight to quality thing)
Btw: one bitcoin is almost worth as much as an ounce of gold. Which would you invest in for the long term?