Below looks at a weekly chart of Bitcoin back to 2013. Bitcoin has spent the majority of the past 4-years inside of rising channel (1), where the top of it was hit at (3) in mid-December, three weeks ago.
In 2011 the Power of the Patttern suggested that Gold could be flat to down for years to come. See post HERE Since that post in 2011, Gold finds itself down around 30% and Silver is down over 65%.
Junior Gold Miners ETF (GDXJ) has been reflecting actual and relative strength of late compared to the S&P 500. On December the 20th the Power of the Pattern shared that GDXJ had hit an important support line and was experiencing a short-term breakout. See 12/20 post HERE.
The past 6 years have been difficult for gold bulls. After the 2011 market top for precious metals, gold experienced a waterfall decline followed by a “lower low” and more sideways price action.
Some stocks don’t have much to brag about over the past couple of years and below we look at one of them!
Mylan (MYL) has had a rough go of it the past two years as it lost nearly 50% of its value. During this decline could a pattern opportunity have formed. Possibly!
