The recent fall in gold and silver didn't happen with bitcoin.
Not in the same manner, no. Remember that this is a seemingly strong correlation, not a hard rule.
On April 1st, Bitcoin had approximately a ~3.5% drop - gold then experienced about a 2.5% decline from high to low on the 3rd, with additional pressure on the 4th marking nearly 4% so far this week.
See any similarities between the Bitcoin waterfalls on April 2nd & 3rd and the gold waterfalls from November through December 2011? The patterns are evident on Bitcoin dailies also.
What's interesting to note is that Bitcoin trades 24/7/365 and the initial Sunday waterfall attack took place just prior to Asian markets opening.
An additional note is that the attack on gold occurred on the Commitment of Traders reporting day, right after the period cut-off.
Finally, the "First Waterfall Attempt" happened at midnight UTC - very similar to the patterns from March 28th (after another apparent effort at creating a bull trap) and on April 1st where the pressure visibly began. I've noticed these "midnight strikes" occur frequently, and there are other patterns of time-based moves as well.
Pay attention to the shaped wave oscillation from March 28th to April 1st where the price jumps up, stabilises, then drops the same magnitude as the rise. That happens with extremely tight supply and is indicative of a concentrated interest attempting to exert control for gain. What gets me going is that this is exactly
the same method used in gold futures trading.
When comparing the Bitcoin hourly chart to the gold daily, the patterns are visibly similar - not exact, but similar. There is an issue of market scale, Bitcoin being microscopic next to gold (the entire Bitcoin market is worth only 26,000 troy ounces of gold - less than 1 metric ton). Therefore, it makes sense that patters we see in Bitcoin on a shorter time-frame would take somewhat longer to emerge in gold.
The percentage changes are still similar, though. At least with initial moves. As can be seen with the multiple waterfall attempts in Bitcoin, that happens with far greater effect in gold. This is only possible because of the complete fabrication of supply in gold via derivative contracts - Bitcoin's equivalents are minute by comparison.
We would have to see options and mining contracts traded widely, and directing price action more than actual Bitcoin trading in order to have the same situation as gold. If gold contracts and derivatives disappeared, causing gold trading to be done exclusive with the physical supply available and verifiable, we would have Bitcoin's charts in gold.
Key here is the separation of the trading instrument versus the underlying asset: Bitcoin trades as
itself; IOU paper contracts trade for gold. Removing Bitcoins from trade would cause immediate and powerful distortions in related markets; removing physical gold from trade and nobody is the wiser so long as the underlying asset is not sought. Bitcoin is currently free from such obfuscations, but could easily develop that kind of shell structure within the next few years. Bitcoin: accept nothing less.
I would be willing to bet putting my head in a crocodile's maw that very same financial lineage is attempting to game the Bitcoin system as is doing so in precious metals and various other markets. Even without the time yet to analyse data sets, the markets feel
too alike for it to be mere coincidence. Having called the major bottoms in both gold and Bitcoin, they were again too similar to be chance.