Bitcoin and Gold Correlation Leads to Matching Cup and Handle Patterns

bitcoin btcusd weekly cup and handle 980x468

Bitcoin and gold are regularly compared due to the similarities they share. But could those same similarities be the reason for each asset’s price charts forming the exact same continuation pattern? Across two very different timeframes, both the cryptocurrency and the precious metal are forming a cup and handle. But what exactly does this mean for the market for the rest of 2020? Crypto And Precious Metals Compared Shows The Same Continuation Pattern Since mid-March, markets have been on an almost non-stop ascent. As the dollar fell to multi-year lows, its weakness allowed other top assets to shine. Few assets have performed as well as Bitcoin, but gold was right behind it. Major stock indices and silver also saw a strong climb due to the dollar’s decline. But a recent rebound beginning in the dollar sent these assets tumbling to current prices. Sentiment across the market quickly turned from extreme…

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