Big USD Drop Is Bullish for Bitcoin and Gold: Dan Tapiero

News
Tue, 06/23/2020 - 19:30
Alex Dovbnya
Dan Tapiero spots a pattern on the EUR/USD chart that is bullish for Bitcoin and equities
Cover image via stock.adobe.com
Contents

 

Gold Bullion International co-founder Dan Tapiero has spotted a cup-and-handle (C&H) bullish pattern on the EUR/USD chart.

image by @DTAPCAP

Tapiero predicts that a big USD downmove could be bullish for Bitcoin, gold, and equities.

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The euro strengthens its rally 

The C&H pattern is usually treated as a bullish chart formation that, as the name suggests, resembles a U-shaped cup with a handle.   

After a certain asset endures a downtrend and reclaims its previous high, sellers step it to push the price lower.  

However, after that, its price will continue advancing (unless the bottom is V-shaped). 

The EUR/USD pair is now making headway after IHS Markit's PMI data showed signs of an economic recovery.   

image by @/DTAPCAP

On June 23, the STOXX Europe 600 index closed up 1.3 percent on the news.       

Another bull case

Recently, JPMorgan predicted that the price of U.S. equities could rally more close to 47 percent more. 

As reported by U.Today, Tapiero predicted that ‘some excess cash’ could flow into Bitcoin and gold.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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