Max Keiser Reports Bitcoin “Relative Strength” Is Good As Gold

2020-9-25 18:00

Bitcoin price may have snapped back below $11,000 and is struggling to maintain the all-important support level of $10,000, however, its showing more “relative strength” than gold currently. That statement is from outspoken crypto bull Max Keiser, who in the past has predicted the leading cryptocurrency by market cap will reach prices of $400,000 or more. 

Is Keiser correct, or is the Bitcoin backer simply wearing rose-colored glasses when it comes to the cryptocurrency?

Max Keiser Says Crypto Is Showing Solid “Relative Strength” Versus Gold

This year has been a wild rollercoaster ride across all markets. After an enormous drop on Black Thursday, markets have been steadily climbing higher, but have recently started to slow and chug along. What typically comes next in any form of the popular amusement park ride, would be the final shocking drop before the ride starts again.

The fall has started but most assets have taken a pause. Bitcoin is thus far holding above $10,000, while the safe haven asset it is said to share similarities with has struggled comparatively.

Both Bitcoin and gold have since pulled back significantly from local 2020 highs, but one asset is showing more “relative strength” than the other, according to Max Keiser.

RELATED READING | BITCOIN AND GOLD CORRELATION LEADS TO MATCHING CUP AND HANDLE PATTERNS

Keiser, from The Keiser Report, is a staunch Bitcoin believer and one of its most outspoken supporters. He regularly comments on his beliefs related to the cryptocurrency industry and the rest of the world of finance.

Keiser, expects Bitcoin to ultimately reach prices of $400,000 or more, but is he right about the crypto asset holding stronger in current market conditions compared to the precious metal?

#Bitcoin showing good relative strength vs Gold during this pullback as $USD strength continues to frustrate bulls

— Max Keiser (@maxkeiser) September 23, 2020

Relative Strength Index Proves Bitcoin Is Beating The Precious Metal At Its Own Game

Thanks to technical analysis, Keiser’s theory can be put to the test. Keiser claims Bitcoin’s “relative strength” is good compared to gold’s, and he is right.

The Relative Strength Index is a trend strength measuring tool created by J. Welles Wilder Jr. Wilder also created several other of the most popular trading tools used today, including the Parabolic SAR, and Average Directional Index.

RELATED READING | GOING DIGITAL: BITCOIN BEATS GOLD AND SILVER IN YEAR-TO-DATE RETURNS

The RSI, for short, can signal when an asset is oversold or overbought. According to the charts below, Bitcoin has recovered from oversold conditions far more sharply than gold has. Gold also reached significantly more overbought and oversold conditions that Bitcoin did.

BTCUSD Versus XAUUSD Relative Strength Index Comparison Chart | Source: TradingView

The leading cryptocurrency by market cap’s price action also shows consecutive higher lows, while XAUUSD has set a lower low on daily timeframes.

Charts don’t lie, and while Keiser is undeniably a Bitcoin bull through and through, he’s 100% correct about the crypto asset holding strong a lot better than gold, the original safe haven asset.

Featured image from DepositPhotos, Charts from TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 97581.84 (-0.61%)
Îáúåì 24H $97.147b
Èçìåíåèÿ 24h: 3.89 %, 7d: 6.80 %
Cåãîäíÿ L: $94006.77 - H: $98156.69
Êàïèòàëèçàöèÿ $1927.996b Rank 1
Öåíà â ÷àñ íîâîñòè $ 10724 (809.94%)

strength gold relative bitcoin level all-important however

strength gold → Ðåçóëüòàòîâ: 13


Ôîòî:

Here’s Why Bitcoin’s Outperformance of Gold Isn’t Impressing One Prominent Investor

Bitcoin’s recent recovery from its mid-March lows has allowed it to outperform gold and virtually all major markets this year This strength has even allowed it to see over twice the returns that gold has seen – boosting the “digital gold” narrative that was popularized in 2019 One prominent investor isn’t impressed with BTC’s performance, however, and believes that the risk-reward ratio still makes it a bad investment Bitcoin has seen some extraordinary price action […]

2020-5-7 02:00


Digital Asset Director Says Bitcoin Is ‘Digital Gold’, Has Huge Investor Upside

Bitcoin has been regaining its strength lately, as it finally has surpassed $7,000 in price. One expert in cryptocurrency has noted that this upside is major for the platform, and will hopefully urge gold investors to take advantage of Bitcoin, due to its reputation as “digital gold” The director of digital asset strategies at VanEck/MVIS, […]

2018-7-21 19:35