Big USD Drop Is Bullish for Bitcoin and Gold: Dan Tapiero
Gold Bullion International co-founder Dan Tapiero has spotted a cup-and-handle (C&H) bullish pattern on the EUR/USD chart.
Tapiero predicts that a big USD downmove could be bullish for Bitcoin, gold, and equities.
Alex DovbnyaThe 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.
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.
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