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bitcoin btcusd gold xauusd relative strength index
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Max Keiser Reports Bitcoin “Relative Strength” Is Good As Gold

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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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?

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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.

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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.

bitcoin btcusd gold xauusd relative strength index

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
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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