📊 Weekly Chart Analysis – BLX/GOLD (Bitcoin to Gold Ratio)
📉 Current Price: 25.90
Price is sitting at a key support zone, aligned with the ascending trendline (green).
The 0.618 Fibonacci retracement level (26.47) from the full impulse move (8.35 → 37.67) is being tested.
The 200-week MA is also nearby, adding strength to this support area.
🔍 Indicators:
MACD (Weekly):
Still bearish, with a confirmed downward crossover.
No visible bullish divergences yet — bearish sentiment persists.
RSI:
Hovering near 40 — not oversold but approaching the zone.
Room for further downside, but also potential for a bounce from oversold conditions.
Stochastic RSI & Momentum:
Stoch RSI is bottomed out, suggesting a possible upside reversal.
Volume is declining on the sell-off — a possible sign of seller exhaustion.
🧠 Market Structure:
The overall pattern resembles a rising wedge, potentially broken to the downside.
However, price is now retesting the bottom of a long-term parallel channel — a historically favorable zone for long entries.
🧭 Possible Scenarios:
📈 Reversal & Bounce Holding 25–26 support, Stoch RSI reversal Medium-High
📉 Break to 20–23 Failure to hold Fibonacci & trendline Medium
⚠️ Sharp Drop to 15–20 Only if BTC crashes or gold rallies hard Low
🟢 Summary:
Price is at a critical confluence zone: Fibonacci, horizontal support, trendline, and oscillators all align here. A bounce is likely unless this level is decisively broken. If it holds, this may be a strong mid-term long entry signal.
📉 Current Price: 25.90
Price is sitting at a key support zone, aligned with the ascending trendline (green).
The 0.618 Fibonacci retracement level (26.47) from the full impulse move (8.35 → 37.67) is being tested.
The 200-week MA is also nearby, adding strength to this support area.
🔍 Indicators:
MACD (Weekly):
Still bearish, with a confirmed downward crossover.
No visible bullish divergences yet — bearish sentiment persists.
RSI:
Hovering near 40 — not oversold but approaching the zone.
Room for further downside, but also potential for a bounce from oversold conditions.
Stochastic RSI & Momentum:
Stoch RSI is bottomed out, suggesting a possible upside reversal.
Volume is declining on the sell-off — a possible sign of seller exhaustion.
🧠 Market Structure:
The overall pattern resembles a rising wedge, potentially broken to the downside.
However, price is now retesting the bottom of a long-term parallel channel — a historically favorable zone for long entries.
🧭 Possible Scenarios:
📈 Reversal & Bounce Holding 25–26 support, Stoch RSI reversal Medium-High
📉 Break to 20–23 Failure to hold Fibonacci & trendline Medium
⚠️ Sharp Drop to 15–20 Only if BTC crashes or gold rallies hard Low
🟢 Summary:
Price is at a critical confluence zone: Fibonacci, horizontal support, trendline, and oscillators all align here. A bounce is likely unless this level is decisively broken. If it holds, this may be a strong mid-term long entry signal.
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