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My thoughts on the correlations between $BTC, $GOLD and $DXY
Bitcoin has broke away from the correlation. Whilst the dollar and Gold have been ranging, Bitcoin has been on a bull run. What this indicates to me is that's where the money is being shifted towards, for now.
My thoughts on the correlations between $BTC, $GOLD and $DXY
Bitcoin has broke away from the correlation. Whilst the dollar and Gold have been ranging, Bitcoin has been on a bull run. What this indicates to me is that's where the money is being shifted towards, for now.
$GOLD
Ranging whilst BTC rallies. Not entirely bullish for Gold IMO.
This could very well start to move higher if BTC starts dropping off and eventually ranging. I'm not too convinced as of yet that we see this.
Ranging whilst BTC rallies. Not entirely bullish for Gold IMO.
This could very well start to move higher if BTC starts dropping off and eventually ranging. I'm not too convinced as of yet that we see this.
$DXY
More correlated to Gold right now when comparing the 2. However, if BTC starts moving up again and the dollar continues lower, I think Gold either continues to range or moves lower.
More correlated to Gold right now when comparing the 2. However, if BTC starts moving up again and the dollar continues lower, I think Gold either continues to range or moves lower.
Essentially what I'm seeing now is a $BTC break away from the correlation which could indicate that if it continues moving higher, Gold would either continue ranging or move lower.
I don't see the 2 moving together from here on out. It's one or the other for me.
I don't see the 2 moving together from here on out. It's one or the other for me.
Correlations aren't always 1-1 and will occasionally drift apart from one another. Keep this in mind.
