Fractal on the chart of the change in the gold rate in relation to the cost of bitcoin signals about the fall in the price of cryptocurrency.
An analysis of the fluctuations in the value of the precious metal in relation to the BTC rate suggests that the price of Bitcoin reaches a peak when:
- The price of an ounce of gold falls to 0,027-0,028 BTC;
- The RSI index on the chart of gold price changes against Bitcoin falls below 30 and ends up in the oversold zone.
With 2021 year Bitcoin three times significantly cheaper against the precious metal under these conditions. Now we are seeing a similar picture, so it can be assumed that the price of BTC will decrease and in the foreseeable future will not exceed the peak at $99 reached on November 800.
Fractal on the chart of gold price change in relation to the bitcoin rate
On the weekly chart of BTC rate fluctuations, the RSI index is in the overbought zone, which indicates a further correction. The coin price often decreases to the 50-week moving average line, which is currently around $62. Thus, the coin is capable of falling in price by 000% from the current value.
However, today the price of Bitcoin rose by 1,5%, rising above the $97,000 level.
