Yesterday the Spot Gold Price closed at a new All-Time-High and today it looks like it’s still moving up, even while it’s Partner-In-Crime Bitcoin faces a strong correction. So what’s going on? What should we expect to happen now? Is this a fresh Breakout or just another false signal that's nothing to get excited about...?
Source
We have seen this play out many times before in recent times. Gold threatens to explode to the upside and let the Monetary Genie out of the Bottle and then out of nowhere Fat Finger Freddy comes in with a ridiculously large sell order to dump Paper Gold in thin trading for maximum downward price impact. Experienced Stackers call this "The Smackdown" and we’ve come to expect it as a semi-regular occurrence, but will this time be different?
I thought it was really interesting that Gold and Bitcoin both hit All-Time-High prices at the same time. Bitcoin faced a Smackdown today but Gold hasn’t. Does this mean that Gold is being given a pass this time? The Technical Analysts will soon start shouting Breakout if the Gold price is allowed to run much higher so if they are going to Smackdown Gold then they’re going to need to do it in the next few days.
Interesting times in the Alternative Currency Markets. Wouldn’t be dead for quids as this Endgame Progresses. Stack ON if you can!
I’m actually considering selling some gold for crypto….. see i told you it would pullback. It will pullback more after the halving. I’m thinking 20% pullback.
Yes, I have been avoiding selling any of my metals to date but am in the process of doing exactly that. Would love to see a 20% correction in BTC here. Buying in the low $50K range would be a good dip to buy.
Nice. I don’t know if it will get that low but 55K is my opinion
This tells me Gold is ready for a surge!
There’s a lot of resistance at $2,200. Could see a pullback next week when they pull profits.
Resistance at 2200? We’ve never even been there ? What makes u think there’s resistance where we’ve never even been yet?
There’s a big push on several countries buying large amounts of gold ATM. It’s going to continue until it gets closer to $2,200. Over 1,200 tonnes of gold have been bought in the last 10 days.
I sold a few ounces of Gold to buy bitcoin at 20K. Now I’m buying it back with nice profit. But anyone doing it now missed the boat I’d say. I wouldn’t sell gold here to buy crypto this far into a new bull run. I did change my ratio for dollar cost averaging to add more bitcoin then metals but selling metals now seems odd when the thing just outperformed 300% from November 2022… just my random opinion
The time to do that was a year ago.
Nah. After the halving there’s gonna be a big pullback.
Not close to 20K… but I think Bitcoin will still outperform gold. Just missed a big chunk of 300% so far so it gives me pause
I said 20% not 20K
I know. And I just said separately we will never see 20K again.
Ah…. Ok, I don’t think we will see 30K again.
Where were ya when I posted in 2022 at 18K saying to trade metals for bitcoin? The only comments I got said I was stupid 🤣
I’ve traded silver for crypto already once. I traded 100 ozs. for crypto.
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apparently someone who mined 50 bitcoin blocks on their own back in 2010 dumped a bunch of bitcoin today lol
Bitcoin has its own Fat Fingered Freddy.
Good! They can only sell once unlike our dollar fiat masters.
This is good actually. No matter what is happening in the world, Gold price will always rise over time. Thats why maybe my wife only buys gold with her saved money when I burn my hands in crypto and stocks 🤣
Sounds like between you two that's a solid diversification. Is your wife here on HIVE? She should join the Silver Gold Stackers Community here if she hasn't already.
No she isn’t on hive yet 😅 she knows about it that I write blogs here, should I ask her to join? She stays pretty busy with work and home so I hasn’t asked her earlier
Bitcoin will outperform for sure. But I still hold Gold.
It looks a bit different to me this time,I would like to see it stay over 2100. All them years of saving finally looks like it was the right thing to do. Now silver needs to move up too!
I take this as sign Gold is ready to surge! The fact many are now thinking trading Gold for Bitcoin after Bitcoin surge 300% compared to gold late 2022 tells me this is a sign Gold taking higher! When I said I wil trade metal for Bitcoin at 18K people said I was nuts. This tells me everything. The crowd is always wrong
I am not sure gold will be dipping much but I guess we will have to wait and see!BBH
The fact I see so many talking trading Gold for Bitcoin with Bitcoin up 300% plus since 15K low in November 2022 when I said trade gold for Bitcoin. Tells me Good is ready to surge! When I brought up doing this 300% plus ago people said I was nuts
Some people are beyond guidance!BBH
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I'm planning to hold tight to both metals and crypto for a while; current BTC action strikes me more as a response to an overbought situation, a little too euphoric about briefly reaching a new ATH; it bounced pretty hard off briefly touching $60K.
If there's going to be a Smackdown, it might come around BTC halving time, particularly if it coincides with the US Fed finally deciding to relax a bit on Interest rates. Just guessing, though...
=^..^=
That was a huge smack down on BTC! I want to buy more but I'm waiting until after the halving when there be an inevitable pull back. That's going to be the time to buy!
!DHEDGE
I've heard that BTC follows the price of copper more than it does the price of gold. Obviously on a different level, but the charts are very similar they say. I have never really looked to see if that is true.
Wouldn't it be nice to take a peek into the Very Near Future...???
!DHEDGE !PIMP
You must be killin' it out here!
@trumpman just slapped you with 5.000 PIMP, @buggedout.
You earned 5.000 PIMP for the strong hand.
They're getting a workout and slapped 2/3 possible people today.
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It’s looking like Gold is the best investment one can have. Gold will continue to appreciate no matter the situation
All time High season start
Two weeks ago when the prices were down, I said that this is a buying opportunity and now we are seeing an increase in both the price of silver and the price of gold and in a few days we will see this one. The gold will break its all-time high again.
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!PIMP
You must be killin' it out here!
@geneeverett just slapped you with 1.000 PIMP, @buggedout.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/2 possible people today.
Read about some PIMP Shit or Look for the PIMP District