Tuesday, December 26, 2017

Gold - Bitcoin Signals Big Trouble for Gold

Bitcoin spells big trouble ahead for Gold.  The headlines are everywhere "Bitcoin - the new digital Gold".

Of course Bitcoin will not replace Gold.  Gold has the most history of any asset.  However, Gold is out of favour, and as Bitcoin builds momentum in a few years time people may actually believe that Bitcoin has replaced Gold!

Gold has been forming a classic Bear Flag over the last two years, and it is nearly complete.  The large size of the flag and measured moves are indicative of a large leg down coming in this bear market. 

Weekly Chart