Bitcoin on a downtrend since late 2013. Copper on a similar downtrend and this chart shows and overlay of BTCUSD and Copper/USD values. Look closely and you can see the Copper trend is very similar to the Bitcoin trend.
Gold on the other hand is breaking out of the 2 year downtrend and I'm guessing this is a sign of the times for Bitcoin. Bitcoin should start to follow Gold upward over the next few months as the US Dollar tops out in value.
Might be useful to compare these numbers with the Petro Dollar or value of a barrel of oil. One would probably see a similar long term trend and with the recent drop-off in oil prices, we may see something comparable to Copper and Bitcoin values crashing.
Does this lead anyone to believe that Bitcoin is becoming a bigger part of the world economy as it is following similar trends, affected by different markets and manipulated just the same as the rest of the world markets?
So in short, look long for profits on Bitcoin. ;-)
Gold on the other hand is breaking out of the 2 year downtrend and I'm guessing this is a sign of the times for Bitcoin. Bitcoin should start to follow Gold upward over the next few months as the US Dollar tops out in value.
Might be useful to compare these numbers with the Petro Dollar or value of a barrel of oil. One would probably see a similar long term trend and with the recent drop-off in oil prices, we may see something comparable to Copper and Bitcoin values crashing.
Does this lead anyone to believe that Bitcoin is becoming a bigger part of the world economy as it is following similar trends, affected by different markets and manipulated just the same as the rest of the world markets?
So in short, look long for profits on Bitcoin. ;-)
