{"id":415824,"date":"2020-02-24T17:30:34","date_gmt":"2020-02-24T17:30:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=415824"},"modified":"2020-02-24T17:48:21","modified_gmt":"2020-02-24T17:48:21","slug":"gold-fractal-bitcoin-crypto-11000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/gold-fractal-bitcoin-crypto-11000\/","title":{"rendered":"Gold Fractal Points to Massive Bitcoin Breakout to Over $11,000"},"content":{"rendered":"<p><a href=\"\/tag\/gold\" rel=\"nofollow\">Gold<\/a> has been used for centuries as an investment, a currency, a store of value, and a medium of exchange. <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is its digital counterpart, sharing many of the same attributes that give the precious metal its unique value.<\/p>\n<p>The two assets have behaved similarly in the face of growing economic turmoil, fueling the &#8220;Bitcoin as a safe haven narrative.&#8221; That similar performance is poised to continue if Bitcoin continues to follow an eerily similar fractal from gold&#8217;s price chart.<\/p>\n<h2>Investors Fears Are Fueling Safe Haven Asset Performance<\/h2>\n<p><a href=\"\/tag\/gold\" rel=\"nofollow\">Gold<\/a> has been surging since the start of 2019, just as fears of a global economic disaster began to reach a boiling point.<\/p>\n<p>An ongoing trade war between the United States and China, and increased tensions in the Middle East <a href=\"https:\/\/en.wikipedia.org\/wiki\/Iran%E2%80%93United_States_relations\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">between Iran and the Trump administration<\/a> potentially leading to war have caused a flight to safety by investors moving their capital out of riskier assets such as the stock market.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |\u00a0<a href=\"https:\/\/uniquehot.com\/2019\/08\/05\/bitcoin-store-of-value-narrative-turning-toward-safe-haven-asset\/\">Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0<\/a><\/strong><\/em><\/p>\n<p>And this week, gold surged another over 7% on growing concerns over the coronavirus pandemic spiraling out of control and reaching over 2,450 critical cases.<\/p>\n<p>But as investors derisk, oddly, the high-risk asset class of cryptocurrencies like <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> have been surging throughout the year.<\/p>\n<p>Investing in the asset class of cryptocurrencies almost always comes with a disclaimer or warning to never invest more than you can comfortably afford to lose, simply due to how risky and volatile the speculative assets are.<\/p>\n<p>Yet Bitcoin is up over 50% year to date, and Ethereum, the second in line altcoin behind Bitcoin, has more than doubled in 2020 so far.<\/p>\n<p>And if Bitcoin continues to follow a fractal from gold price charts, the cryptocurrency is likely to push higher just as gold has over the last two weeks.<\/p>\n<h2>Bitcoin Following Gold Fractal Points to Explosive Continuation<\/h2>\n<p>Because of the similarities between gold and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, its not uncommon for analysts to watch for similarities between the two asset&#8217;s price charts.<\/p>\n<p>In the past, analysts have pointed to Bitcoin fractals playing out that closely mimic that of gold&#8217;s price action.<\/p>\n<p>The latest high timeframe fractal appears to suggest that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> will soon make a run for $11,000.<\/p>\n<p>After gold topped out in 2011, it fell into a multi-year downtrend that it is only recently breaking free from.<\/p>\n<p>Sound familiar?<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-415836\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-24-at-12.24.10-PM.png?resize=860%2C517\" alt=\"gold price chart\" width=\"860\" height=\"517\"><\/p>\n<p>Bitcoin is also just finishing up a two-year-long downtrend that took its price from $20,000 to $3,000.<\/p>\n<p>At the top of each asset&#8217;s rally, a massive descending triangle formed, that ultimately broke down and sent each asset tumbling toward lows.<\/p>\n<p>Once things began to turn around, each asset has rallied its way back to the support turned resistance level where the descending triangle broke down from.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-415837\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/Screen-Shot-2020-02-24-at-12.23.38-PM.png?resize=860%2C517\" alt=\"bitcoin price chart\" width=\"860\" height=\"517\"><\/p>\n<p><a href=\"\/tag\/gold\" rel=\"nofollow\">Gold<\/a> reclaimed that support over the last month, resulting in a push higher towards gold&#8217;s all-time high. Bitcoin, however, is consolidating just above its triangle resistance turned support, possibly using it as a launchpad higher &#8211; just as gold did.<\/p>\n<p>With such similar price action, and because Bitcoin&#8217;s safe haven narrative positions it as a flight to safety just like gold, it wouldn&#8217;t be too surprising for the two assets to behave similarly as the overall global economy becomes more fragile by the day.<\/p>\n<p><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/01\/08\/okay-boomer-millennials-prefer-bitcoin-to-gold-during-crisis\/\">Okay Boomer: Millennials Prefer Bitcoin To Gold During Crisis\u00a0<\/a><\/strong><\/em><\/p>\n<p>if <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> does hold this level, it would likely follow a similar path as gold, taking it to over $11,000 before a pullback begins.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold has been used for centuries as an investment, a currency, a store of value, and a medium of exchange. Bitcoin is its digital counterpart, sharing many of the same attributes that give the precious metal its unique value. The two assets have behaved similarly in the face of growing economic turmoil, fueling the &#8220;Bitcoin as a safe haven narrative.&#8221; That similar performance is poised to continue if Bitcoin continues to follow an eerily similar fractal from gold&#8217;s price chart. Investors Fears Are Fueling Safe Haven Asset Performance Gold has been surging since the start of 2019, just as fears of a global economic disaster began to reach a boiling point. An ongoing trade war between the United States and China, and increased tensions in the Middle East between Iran and the Trump administration potentially leading to war have caused a flight to safety by investors moving their capital out of riskier assets such as the stock market. Related Reading |\u00a0Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0 And this week, gold surged another over 7% on growing concerns over the coronavirus pandemic spiraling out of control and reaching over 2,450 critical cases. But as investors derisk, oddly, the high-risk asset class of cryptocurrencies like Bitcoin have been surging throughout the year. Investing in the asset class of cryptocurrencies almost always comes with a disclaimer or warning to never invest more than you can comfortably afford to lose, simply due to how risky and volatile the speculative assets are. Yet Bitcoin is up over 50% year to date, and Ethereum, the second in line altcoin behind Bitcoin, has more than doubled in 2020 so far. And if Bitcoin continues to follow a fractal from gold price charts, the cryptocurrency is likely to push higher just as gold has over the last two weeks. Bitcoin Following Gold Fractal Points to Explosive Continuation Because of the similarities between gold and Bitcoin, its not uncommon for analysts to watch for similarities between the two asset&#8217;s price charts. In the past, analysts have pointed to Bitcoin fractals playing out that closely mimic that of gold&#8217;s price action. The latest high timeframe fractal appears to suggest that Bitcoin will soon make a run for $11,000. After gold topped out in 2011, it fell into a multi-year downtrend that it is only recently breaking free from. Sound familiar? Bitcoin is also just finishing up a two-year-long downtrend that took its price from $20,000 to $3,000. At the top of each asset&#8217;s rally, a massive descending triangle formed, that ultimately broke down and sent each asset tumbling toward lows. Once things began to turn around, each asset has rallied its way back to the support turned resistance level where the descending triangle broke down from. Gold reclaimed that support over the last month, resulting in a push higher towards gold&#8217;s all-time high. Bitcoin, however, is consolidating just above its triangle resistance turned support, possibly using it as a launchpad higher &#8211; just as gold did. With such similar price action, and because Bitcoin&#8217;s safe haven narrative positions it as a flight to safety just like gold, it wouldn&#8217;t be too surprising for the two assets to behave similarly as the overall global economy becomes more fragile by the day. Related Reading | Okay Boomer: Millennials Prefer Bitcoin To Gold During Crisis\u00a0 if Bitcoin does hold this level, it would likely follow a similar path as gold, taking it to over $11,000 before a pullback begins.<\/p>\n","protected":false},"author":517,"featured_media":415834,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,68700,6664,2209,7920,11362],"class_list":["post-415824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-coronavirus","tag-crypto","tag-gold","tag-recession","tag-safe-haven-asset"],"acf":[],"yoast_head":"\n<title>Gold Fractal Points to Massive Bitcoin Breakout to Over $11,000<\/title>\n<meta name=\"description\" content=\"Gold has been used for centuries as an investment, a currency, a store of value, and a medium of exchange. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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