Getting Ready to Long Bitcoin

$BTC

$BTC had a nice Sunday and is approaching its SMA 200. That’s the starting hurdle for me to start rebuilding up the allocation. With the massive move recently in Gold occurring simultaneously with USD weakness, it seems like the appropriate backdrop for Bitcoin to make its own move.

Chart of the Gold/BTC ratio above.

Finally, Gold Futures -

Everything the Bitcoin bulls were preaching it solved is beginning to play out from a storyline perspective - US Dollar weakness, Trade Wars, US Debt focus. But it’s been Gold thus far that’s been the benefactor, not its “digital” counterpart. Perhaps the catch-up trade is coming.