GOLD to BITCOIN
Periodically we have checked in on the Gold to Bitcoin ratio via the XAUUSD/BTCUSD or GLD/BTCUSD charts. Once support finally broke (see chart below) we knew that the Bitcoin/USD rally was about to take off. A few weeks ago in the trading room I shared my FIB extension targets and it recently hit the full extension at 0.16 (see chart above). Unless BTC has some consolidation for a fierce rally it seems more likely that a top is near with BTC. Though it may spike through 0.16 to trend though it will require another extension of the FIB tool.
Charts are powered by the SCMR Analysis Suite on Tradingview.com
June 17 2016