Gold and Bitcoin may resume their uptrend soon – Can Bitcoin catch up Gold?

Gregor Horvat Wavetraders

Gold has turned lower in the last two months, which has been expected as we saw market in fifth wave of an extended wave 3 after breaking to new ATH. Well, what we see now is a new corrective pause for a higher degree wave 4 that can be coming to an end, which would send the price higher for wave 5 of III.

XAU/USD (GOLD) Daily Chart

Bitcoin with ticker BTCUSD remains in higher degree uptrend as prices broke to new ATH back in March before making some new pullback that is now still in progress. It appears that this can be higher degree wave IV on a daily chart, ideally a deeper A-B-C flat correction that can stop anywhere in the 55k-50k area.

BTCUSD Daily Chart

Gold is actually already bounceing and it’s already on fire, as it may have a completed correction within bullish trend and that’s why we see Bitcoin/Gold ratio chart coming lower. But, as soon as BTC/GOLD ratio chart completes wave (C) of a higher degree A-B-C correction in wave 4, this is when BTC/GOLD ratio chart could be headed towards all-time highs for wave 5, where Bitcoin may catch up gold to the upside.

BTC/GOLD Daily Ratio Chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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