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Gold to hit $3,000, Bitcoin to $20,000 Chart Warning Signals!
With the latest reports of a sharp drop in bitcoin and investors returning to gold as a safe haven, Today on #GoldCoreTV, we have Gareth Soloway, Chief Market Strategist of InTheMoneyStocks.com, to share some insightful charts that help to understand the recent developments in the #Bitcoin, #Gold, and #Silver markets, as well as the S&P500 and bond markets.
Gareth predicted the drop in bitcoin was coming and explains the technical analysis behind this call. Looking at the charts, he saw bitcoin was making higher highs and those were all bullish signals on the way up on bitcoin’s map, but what concerned him that it made a lower high for the first time in a long time which formed a head and shoulder trend.
Gareth is a crypto enthusiast who believes in what crypto can do to diversify away from fiat currencies, but it has become an overcrowded trade, and weak hands must be flushed out in overcrowded trades.
Gareth highlighted the signals to watch for the equity market charts, where they have traded back down to a long term major support trend line.
Gareth also shares his thoughts on China’s ban on cryptocurrency trading, claiming that China is attempting to introduce its own digital currency, the Yuan. As a result, they are skeptical of Bitcoin and other digital currencies. They want people to be able to use the Yuan in a digital format. In the end, he believes they intend to dethrone the dollar as the digital currency.
Gareth remains bullish on gold in the long run, despite the fact that it is currently overbought in the short term. One thing he noticed in the chart was when Bitcoin topped, gold started to move upwards. He assumes gold will maintain its strong position and appreciate it significantly. He highlights a historical Fibonacci retracement map, claiming that if we follow the chart’s forecasts, gold would rally from its current level to close to $3,000 per ounce. In the long term, gold remains extremely bullish.
Gareth sees a major breakout in silver coming along, with 40 percent to 50 percent upside potential, but that again in the short term it is overbought.
Gareth expresses his views on oil prices, believing that the market will undoubtedly suffer a decline, possibly to as low as $50 per barrel or even lower.
Finally, he draws some interesting parallels between the Bitcoin chart and the Shanghai Composite, suggesting that if the Chinese stock market breaks out above 3,600 on the Shanghai Composite, it might follow Bitcoin’s lead and soar to new highs, maybe 15,000 to 20,000 on the Shanghai Composite.
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00:50- Equity Market Overview
03:08- Massive Moves in Bitcoin
05:11- China Banning Cryptocurrencies
06:28- Technical Analysis on Gold
09:09- Technical Analysis on Silver
11:32- Bond Market Analysis
13:07- Oil Prices Overview
13:46- Shanghai Composite Chart
15:56- Parting Thoughts…
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Gold Coin Collecting – An Investment in Your Future
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