Bitcoin (BTC) is still slightly in the green today, July 29, 2020. The bulls cannot be faulted for having run enough. Technical indicators ask questions about the real shape of the BTC bull run curve; given current data, it’s hard to believe a hyperbolic rise. Gold 2.0 is a source of hope right now, but it is not to everyone’s liking.
Soon the end of the race?
The daily supports are correctly mounted; Bitcoin now enjoys daily support up to the $ 10,900 level.
The weekly RSI (14) is also up; it is at 67, the benchmark 70 are therefore close. Technically, the turnaround is not very far away.
In the next few days, we should therefore see a test of “new” supports between USD 10,000 and USD 11,000.
The Gold vs Gold battle in these bullish times
Peter Schiff has something to celebrate with gold reaching $ 1,958; Schiff This does not mean that you are in the mood to share the first place on the podium – which according to him should return to physical gold – with gold 2.0.
He even manages to come up with “questionable” arguments to denigrate Bitcoin : gold is more easily transportable and more difficult to confiscate than Bitcoin according to Schiff (WTF ?).
Do you see yourself stocking gold bars in your home? Until proven otherwise, regulatory authorities – the Guardians of the Temple of Old Finance – cannot order a seizure of bitcoins, with a snap of your fingers – on the other hand, the doors of banks storing gold are open to them.
A Bitcoin pullback is not in itself a bad thing; it will allow to be fixed on the strength of the current rise. If the supports give way easily in the face of a slowdown in the markets, we will unfortunately have to come to a conclusion like “Even good things have an end”. A long compression between $ 9,900 and $ 11,000 is desirable; a return to the $ 9,000 level or even below could emotionally drain even Bitcoiners who have the holy fire. The yoyo, we don’t mind a moment, but in the long run, it’s exhausting!
Litecoin, welcome in the Silver Age