Commodites

Gold And Bitcoin May Resume Their Uptrend Soon; Can Bitcoin Catch Up Gold?Jul 4, 2024

Gold And Bitcoin May Resume Their Uptrend soon, as we see them finishing a corrective consolidation by Elliott wave theory.

Gold has turned lower in the last two months, which has been expected as we saw market in fifth wave of an extended wave 3 after breaking to new ATH. Well, what we see now is a new corrective pause for a higher degree wave 4 that can be coming to an end, which would send the price higher for wave 5 of III.

Gold And Bitcoin May Resume Their Uptrend Soon; Can Bitcoin Catch Up Gold? XAUUSD (GOLD) Daily Chart
XAUUSD (GOLD) Daily Chart

Bitcoin with ticker BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March before making some new pullback that is now still in progress. It appears that this can be higher degree wave IV on a daily chart, ideally a deeper A-B-C flat correction that can stop anywhere in the 55k-50k area.

Gold And Bitcoin May Resume Their Uptrend Soon; Can Bitcoin Catch Up Gold? BTCUSD Daily Chart
BTCUSD Daily Chart

Gold is actually already bounceing and it’s already on fire, as it may have a completed correction within bullish trend and that’s why we see Bitcoin/Gold ratio chart coming lower. But, as soon as BTC/GOLD ratio chart completes wave (C) of a higher degree A-B-C correction in wave 4, this is when BTC/GOLD ratio chart could be headed towards all-time highs for wave 5, where Bitcoin may catch up gold to the upside.

Gold And Bitcoin May Resume Their Uptrend Soon; Can Bitcoin Catch Up Gold? BTC/GOLD Daily Ratio Chart
BTC/GOLD Daily Ratio Chart

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

SP500 Has An Unfinished Five-Wave Bullish Rally. Check our free chart HERE.

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close