BTC/USD, XAU/USD (Gold): Technical Outlook, Edition #10 (02/06/21)
Pull back on XAU/USD - what does that mean for BTC/USD? Find out in today's discussion
Not much has changed for Bitcoin in the last 24 hours - as it remains consolidating inside a symmetrical triangle-like pennant, currently at 80% completion.
A notable development to consider, Gold has finally initiated a pull back from the bottom end of USD 1900 (per oz.) after the USD 1680 double bottom saw a 15% upside push. If XAU/USD (Gold) continues correcting, this bodes well for the Bitcoin bulls, who may receive their relief rally up to USD 46K.
Assuming that Gold spends the subsequent few sessions selling off after many consecutive green days, Bitcoin should rally if the inverse relationship hypothesis is correct.
Mapped below are these expectations attempting to demonstrate the relationship.
Conversely, Gold prices may rally... and rally hard if the bears get squeezed.
This rebound to the upside could be as far as USD 1950 oz and Bitcoin down to USD 30K BTC/USD: H4 seen breaking up to USD 46K
XAU/USD: H4 depicted pulling back down to USD 1850
See you again for the next update.
Follow us for more detailed analysis on all markets, including Decentralised technology:
Subscribe to our newsletter, with daily content free for a limited time only:
Join our Facebook group and speak with likeminded traders:
Like our Facebook page for future updates:
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions by our email recipients, publications, newsletter or website users.