CandleFocus Bitcoin Reaches Decisive Point Against Gold as Brandt Identifies Descending Channel
2024-09-16
Author: Content Editor
Market analyst Peter Brandt has highlighted a potential tradable local low in the Bitcoin-to-Gold ratio. The BTC/GC ratio recently experienced a significant increase in the first quarter of 2024, but has since entered a descending channel, indicating a correction and potential breakout point. The lower boundary of the channel has provided strong support for Bitcoin, while the upper boundary has acted as resistance. Brandt believes the recent bounce from the lower boundary could signal a potential breakout higher against gold. The Relative Strength Index (RSI) currently indicates neutrality, but there are several key resistance levels to watch. A breakout above the channel could lead to a bullish signal, while a failure to break above may continue the downward trend within the channel.
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