Blocksmith Says: Gold’s Upside Bodes Well for BTC

18 October 2022

Switching over to crypto read across Gold today. The trough at the end of September was at least that of a 20-week cycle. This implies a meaningful upside, which should carry over to crypto. Note that the 20-week cycle trough also came in at the bottom of the May regression channel. It then bounced straight back across it and then back down again. 

This is highly volatile action but price has now come back to an important level: a trend line retest and the middle of the regression channel. We are looking for the first 20-day cycle of the new 20-week cycle to bottom shortly and for price to start working its way higher.

Christopher Grafton
Christopher Grafton

Chris has been working in the markets for over 15 years variously as a broker, analyst and researcher. He is the author of a well-known book on Hurst cycles analysis, and runs his own market analysis software platform on Bloomberg. He’s also a keen student of both the cello and Brazilian Jiujitsu.

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