Bitcoin vs Gold Derivative Correlation: S&P 500 Breakout From YTD – Analyst Compares
Login

Bitcoin vs Gold Derivative Correlation: S&P 500 Breakout From YTD – Analyst Compares

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:


The general assertion that Bitcoin and Gold are correlating pair cannot be disputed. Over time, these instruments have proven their true trends to be synonymous. In late October, Bitcoin and Gold broke out of their mid-term descending channel with a massive surge of about +50% after Xi Ping, the Chinese President release on Blockchain and Cryptocurrencies. Since then, both Bitcoin (marked $1400) and Gold (touched $1516.0) have been making a corrective pullback.

Apart from that, most Chinese cryptocurrencies such as NEO (NEO), Ontology (ONT) Tron (TRX), EOS amongst others follow the suit with an insane price gain within the shortest period. Today, Bitcoin and Gold have been falling and it appeared they have found a low over the last hour.

Is there any correlation Between Bitcoin and Gold?

Just a few hours ago, a twitter analyst, SKEW @skewdotcom twitted that Gold has been on a three month’s low, followed by S&P 500 – which broke higher in November, although the equity indices have been on the rise since the beginning of the year. However, the analyst opined that Bitcoin is undecided at the moment. According to the presented statistical graph, Bitcoin is currently trading at $8750 with a year-to-date (YTD) minimum trading of $3180, a maximum of $12910 and an average of $6840.

https://twitter.com/skewdotcom/status/1194192842287128576

The derivative chart further revealed Gold’s price at $1470 with minimum trading of $1200, followed by a maximum of $1540 and an average of $1360. While mentioning the S&P 500 to be on a breakout, the analysis was strictly based on both Bitcoin and Gold to show a similar movement in price actions. And most especially, revealing the current conditions and trends of these trading pairs.

From a technical standpoint, Bitcoin and Gold have been quite similar in terms of trends and pattern and most times follow the same market sentiment, although their fundamentals may not be the same depending on the angle of the news surrounding them. Nevertheless, these instruments have demonstrated a significant movement to be considered a true correlation over a long time. This assertion may be untrue in the future but the past and present moves have justified the instruments to be twins in the trading world.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News