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posted in Gold, Silver, Bitcoin, Ethereum Price Reversal Near?
The turnaround week for precious metal asset prices may have come when gold touched $2,075 before the Bank of Russia abolished the ruble-gold link and sent gold prices plunging.Unsurprisingly, with US gold/silver futures markets closed in NY today, gold is up at $1,713 after sliding to $1,689 last week, as is silver, trading at $18.12 after falling to $17.59 last week. In the past, all precious metals soared in price in synthetic paper markets on US banking holidays, when the largest spoofers were absent of the market.
Then, Western financial suspects entered the Shanghai Gold Exchange, and precious metals markets had lower prices during US vacations for a time. After the SGE cracked down on Western gold/silver spoofers in their markets a couple of years ago, the PM markets rose during Western bankers' holidays.
In addition to Western bankers who took their spoofing schemes to Asia, the CME introduced synthetic fiat currency settled gold contracts into Asian markets to defile markets that once settled entirely in physical, unlike Western markets in New York and London that allow for easy and immoral price manipulation.
Bitcoin is again below $20k. Is a Bitcoin and Ethereum reversal week coming? We predict Bitcoin and Ethereum price volatility to rise this month as more derivative products for Ethereum and Bitcoin hit the market in the US and Europe.
We believe that more price volatility will lead to lower lows for Bitcoin and Ethereum.
Due to the emergence of double bottom technical chart patterns, many crypto experts with millions of followers are predicting substantially higher values for several cryptos. Should crypto prices climb across the board, it won't be due to double bottom patterns. If Ethereum and Bitcoin prices rise this month, it will be due to increased trading volume and price volatility caused by new Bitcoin and Ethereum derivative markets and the fact that Bitcoin and Ethereum prices drive all cryptocurrencies.
Any price surge, if it happens, will be transitory.
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