anticripto

Economist and crypto skeptic Peter Schiff said a stock market collapse would be bullish for gold after the precious metal fell $116 to close just above $4,000. Schiff argues that sharp drops like this are not due to a deterioration in gold’s fundamentals, but rather to margin calls or short-term profit-taking to cover losses in other assets.

Market analysts and veterans, such as seasoned trader Peter Brandt, point out that gold is not immune to severe short-term corrections, challenging Schiff’s aggressive recommendation to buy every dip while selling pressure in futures continues to mount.

✅️Formation of a W pattern or double bottom.

In technical analysis, a double bottom, or W pattern, forms during a downtrend and signals a trend reversal. Bollinger Bands are a very useful tool for confirming the formation of this pattern, as explained below:

The first signal to watch for is a price close (the first bottom) below or near the lower band, followed by a bullish reaction that takes the price to the middle band. The second signal is the formation of a second bottom, which should be above the lower band, indicating less weakness than the first bottom. Finally, the third signal confirming the trend reversal pattern is a strong upward move that takes the price above the upper band.

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