#BTC & #GOLD COMPARISON

Author : Kolin Lukas

On the $XAU chart, we can see a classical pattern of an upward trend correction with the parabolic consolidation and the exit upwards.

What about $BTC?

Currently it is forming the consolidation bottom of the parabola.

Thus, somewhere in the zone of $5500+, we should see the price return, but this won’t be the quickest process, according to the behaviour of the $XAU price during such. Remember, these are similar, it doesn’t mean they will be identical. The halving, upcoming at the front end of 2020 will play a major effect.

Why do the charts look similar?

Because its not just the formation of the triangle looks very similar, but the exit of the triangle and direction of the price movement as well.

For a better understanding; see chart below:

Here we can see a chart of #GOLD until today, where the price goes clearly inside the pattern, following all the waves and formations.

Here we can see a chart of #BITCOIN with some deviations, but it is the crypto market, we should remember that this market is more manipulated and unstable.

The overall picture looks the same as on $XAU chart, so now we should wait for the consolidation and then a continuation of an up-trend.

I see price consolidating around the mid 5.5–6k range.

Thus, if the price continues to move inside the formations, then we will stick to the plan and consider $BTC chart similar to $XAU.

If we notice serious deviations from the plan, the pattern will be broken.