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Bitcoin: Foldback completed?
Crypto Currencies

Bitcoin: Foldback completed?

#185 Will the mirror image foldback continue in BTCUSD?

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@Fiorente2
Apr 30, 2024
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Introduction

In my recent post, "Bitcoin: The New Digital Gold?" I explored the similarities between Bitcoin, the USD dollar, and gold as investment assets. The intermarket relationships between the USD dollar and gold discussed may suggest that a crest has been set for now.

gold round coin on black textile
Photo by Kanchanara on Unsplash

Furthermore, a foldback may have completed a topping phase, as seen in the chart below. It may continue, but remember that a mirror image foldback may cease to function at some point.

BTCUSD - Foldback Completed?

Venus and Mars are currently changing signs. Some speculate that their transition to Taurus and Aries could signal a bullish period for $BTCUSD. However, there have been too few cycles to confirm this hypothesis. On the contrary, as seen in the chart below, it could be volatile.

$BTCUSD - Venus in Taurus, Mars in Aries

There is still a possibility that the recent topping phase has not finished yet. Let’s review some possible scenarios. The premium subscribers can read it from here.

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