Bitcoin (BTC) Dips Against Gold Again: Is This the Bottom?
The post Bitcoin (BTC) Dips Against Gold Again: Is This the Bottom? appeared com. Bitcoin has come down to the 25 ounce level against gold, a major horizontal support level. Is it now time for the Bitcoin/gold ratio to move back in Bitcoin’s favour? That said, the 2-week chart above reveals that the Stochastic RSI indicators are just coming down from the top. This might suggest that the correction is not over yet. The ascending trendline could be a healthier retracement for the gold price, and this would see the price come down to around $3,600. While the ratio has dipped below the ascending trendline again it has still to confirm a breakdown. This trendline stretches all the way back to the beginning of 2023 so it’s no small matter if this becomes a confirmed breakdown. On the other side of the coin, the price is finding strong support at the 0. 5 Fibonacci level, which matches up with the 25 ounces horizontal level. Furthermore, at the bottom of the chart, the Stochastic RSI indicators are at the bottom and are currently angled back to the upside. Although it can be seen that the 2 week period is due to finish at the end of play on Friday. This probably means that a new candle will open well below the ascending trendline, but as long as the.