Chart of the Day - Friday, May 27th, 2022
May 27, 2022
Today’s Chart of the Day was shared by John Roque (@daChartLife). It's a ratio chart of Gold vs. Bitcoin over the past year and a half. Bitcoin is on track for its ninth consecutive down week for the first time in its history. It's currently trading at a fresh 52-week low of 28,300, which is below crucial support around $29-30k. John points out that even Gold is breaking out relative to Bitcoin, which is notable because Gold hasn't been particularly strong lately either. This ratio has formed an 18-month base in favor of Gold. What's the point in buying Bitcoin at these prices if even the weakest assets are breaking out relative to it?