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I’ve got to say, I was wrong about cryptocurrency. Or, more specifically, I was wrong about Bitcoin and Ethereum. To be clear, I still think crypto is useless, but maybe we’ve found a very specific, niche case where it excels: that is to say, a reliable safe haven for fixed assets (a digital gold, some have called it). There’s no arguing with the stellar performance of Bitcoin this year.

There's no arguing with the performance of Ethereum, either.

My views on crypto, I think, are fairly subjective, because I haven’t touched the stuff for about 18 months. So whether BTC goes to $100,000 or $5 doesn’t affect me directly at all.

As a chartist, I’ll say two things about the chart below: on the one hand, there is a staggering amount of overhead supply, ranging from its present price level of about $27,000 all the way up to $70,000. That is a monstrous amount of resistance. On the other hand, the basing pattern it has formed is pretty impressive. So we’re in “face-off” mode right now. Shorter-term, the Fibonacci at about $29,000 is formidable.

The same goes for Ethereum: it displays a terrific basing pattern, but it isn’t going to be a walk in the park to move higher.

Gold has likewise been one of the few assets on the planet that has been thriving over the past couple of weeks. If I absolutely had to choose between Bitcoin and gold, I’d probably just go with gold because it’s much closer to lifetime highs, I can hold it, and it doesn’t require computers, network, and electricity.

Again, as a chartist, I’ve got to point out that it’s approaching important resistance, but it has a much easier time of it, since it doesn’t have $43,000 of higher prices to cut through to reach new highs.

I’ll close by saying this: if I lived in Japan, I would absolutely want to own gold. Below is the futures chart of Japanese yen-denominated gold. Now this is what I called a bullish chart. It’s a buy.

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