This quick idea is intended to illustrate what is happening to Bitcoin and how final it is. Let's take a look at the development of the Bitcoin / Gold ratio over the last five years. The thick black line was always the last support. On March 12, 2020, it was broken down massively and very aggressively and became the new long-term resistance. Thereafter, on 20th March, the price still tried to overcome the new resistance and was rejected. From now on it will go down for a very long time and very deeply. A "hodl" strategy makes no sense at all under these circumstances, unless you are willing to wait many years and want to risk losing everything in the end. With regard to Bitcoin's long-term prospects, it is particularly important to monitor the further course of the thick black line. If, as it looks at the moment, it bends and starts to go down, then the Bitcoin dream is over. The line will bend if the price of Bitcoin remains permanently below it and cannot break out beyond it. Take care & stay healthy!
Komen
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Just look how hard this level is contested. And yet it looks as if the fate of the Bitcoin is sealed.
I'm not sure if bitcoin outperform gold. but you are on the right truck buddy! And Fck those bullshiters who sells their fairytails to the mass.
SherlockHold
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retard
vishweshwaran26
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Thanks a lot for updating. :) May I know how did you arrive at the thick black line's projected line? I am an amateur. :D
ReallyMe
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@vishweshwaran26, You're welcome. Well, basically by looking at the past five years of Bitcoin price developments and identifying where the trend reversal points (yellow circles) were. This time, the think black line will most likely be broken down and there will be no trend reversal on it. This would be unique in Bitcoin history and would have very long-term consequences.
vishweshwaran26
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@ReallyMe, Okay. Same here. I expect BTC to reach 1500 USD at least. :D I sincerely request you to give comments my BTC/XAU and XAU/BTC charts. :D I am very very new to these analyses, I usually follow intuition rather than charts. Still, requesting your opinion. :) :D
ReallyMe
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@vishweshwaran26, Everybody has his favorite lines. It's hard to comment on them because the future is not predetermined and from today's point of view anything can happen. The past does not determine the future. All the best, stay safe and stay healthy.
vishweshwaran26
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@ReallyMe, Aww. Thank you. :) You too, take care. :)