Bitcoin is poised for a major upside, potentially catching up with gold’s price rally, as technical charts indicate a bullish breakout in the BTC/gold ratio.
Gold has outperformed Bitcoin over the past 12 weeks, but technical charts suggest this trend may reverse. However, a bullish breakout in the BTC/gold ratio could signal that Bitcoin is catching up with gold’s rally.
The downtrend represented by trendlines drawn off January 20th and March 3rd highs has been invalidated this week, with the ratio topping the trendline over the weekend. This bullish breakout suggests that Bitcoin may not outperform gold, potentially catching up with the rally in the yellow metal.
“The message is consistent with analysis by Theya Research’s Joe Consorti, which shows that Bitcoin tends to lag gold by 100 to 150 days.”
The trendline breakout is accompanied by a positive flip in the MACD’s histogram, signaling a bullish shift in momentum. This is consistent with analysis by Theya Research’s Joe Consorti, which shows that Bitcoin tends to lag gold by 100 to 150 days.
The outlook for privacy-focused Monero (XMR) appears constructive following its past week’s sharp recovery from $165 to over $200. The token has broken out of a prolonged consolidation pattern, with the 50-week SMA moving above the 200-week SMA to confirm a golden crossover.
Monero’s immediate resistance is seen at $242, the February high, followed by $289, the April 2022 high. Support lies at $200 and last week’s low of $165.
