Silver Is Still Following Bitcoin Higher / Commodities / Gold & Silver 2020
Previously,I have shown how Bitcoin is leading silver higher, and vice versa. .
This makes perfect sense in these time,since it is all about the US dollar. Assets that offer a “safehaven” from USdollar meltdown will go higher in some sort of related pattern.
Here is an update on that analogue whereBitcoin is leading silver higher (you can find the analogue where silver isleading Bitcoin higher in the previous update):
I have marked similar patterns (1 to 5) onboth charts to show how they could be similar. Bitcoin has already exceeded itspoint 3 high.
Silver is still lagging below the recenthigh (point 3 high), and will eventually follow Bitcoin higher than point 3 inthis comparison.
Since the previous update, silver hasfollowed Bitcoin by breaking out at the dotted blue line. This now clears theway for a run to the blue line (point 3 high), and eventually a breakout there.
We could see silver catching up over thecoming weeks and months, now that Bitcoin has set the bar even higher since thelast update (as expected).
US dollar (US Dollar Index) price actionalso confirms that a big silver rally is on the way. Below is a comparison ofthe Gold/Silver ratio and the US dollar:
Since the March, the US Dollar index and theGold/Silver ratio has been forming similar patterns. The one is often a leadingindicator for the other one, by way of similar breakdowns following one anotheron the relevant charts.
The US dollar has made two significantbreakdowns recently (at the blue line and the dotted red line). The Gold/Silverratio is in process of following those breakdowns.
This could be a catalyst for a massivesilver rally over the coming weeks and months, especially since the US Dollaris likely to remain under severe pressure.
Just keep the big picture in mind:
For more on this and this kind of fractal analysis, you arewelcome to subscribe to my premium service.I have also recently completed a Silver Fractal Analysis Report aswell as a Gold Fractal Analysis Report.
Warm regards,
Hubert
“And it shall come to pass, that whosoevershall call on the name of the Lord shall be saved”
http://hubertmoolman.wordpress.com/
You can email any comments to hubert@hgmandassociates.co.za
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