Rally to 312

For some wierd and absurd reason, and defying my own logic and reason I continue to follow sheep and look at prices of things in fiat, specifically US$ fiat. It is wierd because I consider myself to be quite enlightened about money so why do I do it? Why always look at US$ charts. Maybe because we all do and also like other humans I have sheep tendincies? I don’t know

Anyway this evening I’ve been looking at bitcoin price in gold instead of US$, heres a chart of bitcoin price in ounces of gold.

You will immediately recognise I’m sure the shape of the chart is very similar. But is it just me or are the trends much cleaner? Is this evidence that gold really truely is the ultimate form of money ? Prices of things in gold, more honest in some way. Anyway that is a thought that occurred to me.

It looks to me like bitcoin is going to rally against gold up to that upper line of the channel so that 0.26 ounces of gold will buy you a bitcoin.

If I equate that to the US$ chart I’m getting $312

Guess we’ll see ..

3 thoughts on “Rally to 312

  1. Should probably have mentioned possibility that wedge on the chart could resolve downwards too. Although I feel it wil go up, doesn’t at all mean it will!

  2. Well price is breaking out bottom of that wedge

    Very interesting to see what happens to this ratio, thinking it might find support on that dotted line just below then have another shot at breaking through resistance. If it goes the other way and heads lower I’m getting increasingly tempted to accumulate more bitcoin.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s