{"id":55306,"date":"2021-08-23T11:12:11","date_gmt":"2021-08-23T15:12:11","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=55306"},"modified":"2021-08-23T11:12:11","modified_gmt":"2021-08-23T15:12:11","slug":"bitcoin-and-gold-update-whats-next","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/08\/bitcoin-and-gold-update-whats-next\/","title":{"rendered":"Bitcoin and Gold Update: What's Next?"},"content":{"rendered":"<p>Bitcoin triggered the <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12711.jpg\">new buy setup<\/a> posted <a href=\"https:\/\/www.ino.com\/blog\/2021\/08\/bitcoin-buy-setup-in-profit-range\/\">last week<\/a>.<\/p>\n<p>Most readers confirmed that they see the new bullish opportunity in <a href=\"https:\/\/club.ino.com\/trend\/?s=BITSTAMPUSD&mktcode=TradersBlogTA\">Bitcoin<\/a>, and the largest part were ready to add or enter the new trade. <\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12722.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12722.jpg\" width=\"1684\" height=\"790\" alt=\"Bitcoin Daily Chart \" class=\"aligncenter size-full\" \/><\/a><\/p>\n<p>The new buy setup repeated the first <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12673.jpg\">trade setup<\/a> as the setback was not deep again as it only reached the same 38.2% Fibonacci retracement level. <\/p>\n<p>The Friday brought the expected trigger above the previous Saturday\u2019s top of $48,150. The setup is active now and should limit risk below the valley of correction to around $43,900. The risk\/reward is good at 1:4, with the same target at the all-time high of $64,899.<!--more--><\/p>\n<p>If you prefer to cut the risk, then it is time to modify the first <a href=\"https:\/\/www.ino.com\/blog\/2021\/08\/bitcoin-update-reversal-or-dead-cat-bounce\/\">buy setup<\/a>. You could move the first stop loss to break even around $42,600. Enjoy!    <\/p>\n<div id=\"polls-505\" class=\"wp-polls\">\n\t<form id=\"polls_form_505\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_505_nonce\" name=\"wp-polls-nonce\" value=\"27fba48d20\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"505\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>What is your plan for the Bitcoin trade setup?<\/strong><\/p><div id=\"polls-505-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1518\" name=\"poll_505\" value=\"1518\" \/> <label for=\"poll-answer-1518\">Cut the risk to break even<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1519\" name=\"poll_505\" value=\"1519\" \/> <label for=\"poll-answer-1519\">Keep the initial stop loss<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1520\" name=\"poll_505\" value=\"1520\" \/> <label for=\"poll-answer-1520\">I do not use stop losses \/ I am a HODLer<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(505);\" onkeypress=\"poll_result(505);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(505); return false;\" onkeypress=\"poll_result(505); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-505-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>The flash crash in the gold chart at the start of the day on August 9, 2021, was sharp as it traveled more than $70 in less than 15 minutes. <\/p>\n<p><a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12723.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12723.jpg\" width=\"1527\" height=\"745\" alt=\"Daily Gold Chart\" class=\"aligncenter size-full\" \/><\/a><\/p>\n<p>However, it could not retest the valley established this March at $1677. Then, we could consider this low as the finishing point for a big correction that started a year ago from the all-time high of $2075. In this case, the rise of the gold price in March-May to the top of $1917 could be the first move to the upside. The following drop is the retracement of that move.<\/p>\n<p>The price bounced up quite fast to recover after a flash-crash as it reversed all losses from that collapse and eyes the top of the interconnector at $1834. The peak of the first move up at $1917 would act as a strong barrier. Let us see how price reacts to the barrier, as two options could play out.<\/p>\n<p>The bullish scenario implies the breakup of the obstacle and the continuation to the upside to retest the minimum target of $2075 at an all-time high. <\/p>\n<p>Another path shows the rejection at the barrier. This could build either extension of a large complex correction or, in the worst case \u2013 the total reversal to the downside. The <a href=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12240.jpg\">latter scenario<\/a> was posted in the <a href=\"https:\/\/www.ino.com\/blog\/2021\/03\/same-plan-for-silver-wake-up-call-for-gold\/\">\u201cWake-Up Call\u201d<\/a> this March. The price accurately follows that scenario so far, and it could be worrisome for bulls.<\/p>\n<div id=\"polls-506\" class=\"wp-polls\">\n\t<form id=\"polls_form_506\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_506_nonce\" name=\"wp-polls-nonce\" value=\"285da9fae4\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"506\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Do you think gold can overcome $1917?<\/strong><\/p><div id=\"polls-506-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1521\" name=\"poll_506\" value=\"1521\" \/> <label for=\"poll-answer-1521\">Yes, to revisit the all-time high of $2075<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1522\" name=\"poll_506\" value=\"1522\" \/> <label for=\"poll-answer-1522\">No, it will reverse there to the downside<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(506);\" onkeypress=\"poll_result(506);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(506); return false;\" onkeypress=\"poll_result(506); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-506-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>We could clearly distinct two minor upside moves already in the 4-hour <a href=\"https:\/\/club.ino.com\/trend\/?s=XAUUSDO&mktcode=TradersBlogTA\">gold chart<\/a> (not shown). The last move started at $1718 and probably topped already around $1800 handle. Currently, the market paused as the price shows a sideways correction. It could drop between $1766 (38.2% Fibonacci retracement level) and $1748 (61.8%). If that happens and the price rises above $1800, then the buy setup will be active with a stop loss under the valley of a correction. The target is on the barrier of $1917. In case of a deep 61.8% retracement, the risk-reward will be at 1:2.5. If collapse is only 38.2% (as we saw in Bitcoin), the risk-reward will jump to a decent 1:4. <\/p>\n<div id=\"polls-507\" class=\"wp-polls\">\n\t<form id=\"polls_form_507\" class=\"wp-polls-form\" action=\"\/blog\/index.php\" method=\"post\">\n\t\t<p style=\"display: none;\"><input type=\"hidden\" id=\"poll_507_nonce\" name=\"wp-polls-nonce\" value=\"c8212b77c3\" \/><\/p>\n\t\t<p style=\"display: none;\"><input type=\"hidden\" name=\"poll_id\" value=\"507\" \/><\/p>\n\t\t<p style=\"text-align: center;\"><strong>Do you see this as a buying opportunity for gold?<\/strong><\/p><div id=\"polls-507-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li><input type=\"radio\" id=\"poll-answer-1523\" name=\"poll_507\" value=\"1523\" \/> <label for=\"poll-answer-1523\">Yes<\/label><\/li>\n\t\t<li><input type=\"radio\" id=\"poll-answer-1524\" name=\"poll_507\" value=\"1524\" \/> <label for=\"poll-answer-1524\">No<\/label><\/li>\n\t\t<\/ul><p style=\"text-align: center;\"><input type=\"button\" name=\"vote\" value=\"   Vote   \" class=\"Buttons\" onclick=\"poll_vote(507);\" onkeypress=\"poll_result(507);\" \/><\/p><p style=\"text-align: center;\"><a href=\"#ViewPollResults\" onclick=\"poll_result(507); return false;\" onkeypress=\"poll_result(507); return false;\" title=\"View Results Of This Poll\">View Results<\/a><\/p><\/div>\n\t<\/form>\n<\/div>\n<div id=\"polls-507-loading\" class=\"wp-polls-loading\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/blog\/wp-content\/plugins\/wp-polls\/images\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading ...\" title=\"Loading ...\" class=\"wp-polls-image\" \/>&nbsp;Loading ...<\/div>\n\n<p>Intelligent trades!<\/p>\n<p><a href=\"http:\/\/www.ino.com\/blog\/meet-aibek-burabayev\/\" title=\"Meet Aibek Burabeyev\">Aibek Burabayev<\/a><br \/>\nINO.com Contributor, Metals<\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This contributor has no positions in any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Bitcoin triggered the new buy setup posted last week. Most readers confirmed that they see the new bullish opportunity in Bitcoin, and the largest part were ready to add or enter the new trade. The new buy setup repeated the first trade setup as the setback was not deep again as it only reached the [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":21,"featured_media":55309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[6922,14379,3438,6243,14677,15598,102],"class_list":["post-55306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-aibek-burabayev","tag-bitcoin-bitstampusd","tag-chart-analysis","tag-cryptocurrency","tag-cryptocurrency-trading","tag-gold-xauusdo","tag-technical-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin and Gold Update: What&#039;s Next? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"Bitcoin hit the price targets from last week&#039;s setup and entered a buy, so what&#039;s next for Bitcoin? 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