Bitcoin Shows Potential Gains Against Gold After Trendline Breakout
According to CoinDesk analyst Omkar Godbole, a shift may be occurring in the performance of gold and bitcoin:
- Gold (XAU) has outperformed bitcoin (BTC) over the past 12 weeks, rising 22% due to haven bids and arbitrage opportunities.
- Bitcoin has dropped over 8%, leading to a 25% decline in the bitcoin-gold ratio.
- This week, the downtrend in the bitcoin-gold ratio was invalidated by a bullish breakout above key trendlines.
- The breakout coincides with a positive shift in the MACD histogram and a bullish crossover of the 5- and 10-day simple moving averages.
- Analysis from Theya Research indicates bitcoin typically lags behind gold by 100 to 150 days.
XMR's Outlook
- Monero (XMR) recovered sharply from $165 to over $200, indicating dip demand.
- XMR has broken out of a consolidation pattern, confirmed by a golden crossover of the 50-week SMA above the 200-week SMA.
- Immediate resistance levels are at $242 and $289, while support is found at $200 and the recent low of $165.