BitcoinLong
Bitcoin vs. Silver -$5800 incoming- about to surprise everyone!
If you like my work make sure to hit that like & follow button as it really motivates me! Comments are always appreciated.
Let's dive into it. I'm sure you have seen many Bitcoin/Gold comparisons before. But did you already see a comparison between Bitcoin and Silver? If not, here it is.
BTC/USD is a 4D chart & XAG/USD (Silver) a 4hr chart. We can clearly see that the market structure is quite similar, even RSI levels match. A never ending clean supprt broken, followed by an expansion down & consolidation afterwards, making a Higher-High and a Lower-High. Both trendlines are here to visualize a Low-HigherLow structure.
Seems quite similar, huh?
Guess what, BTC/USD is right at the exact RSI level as when XAG/USD (Silver) pumped towards it's clean support that turned into resistance after expanding down. As highlighted, we have an inverted hammer on both charts.
I'm not going to dive into the fundamental details too much but there are a few things that could influence this:
- CBOE-VanEck ETF countdown for a decision whether the physically-backed Bitcoin ETF get's approved, delayed or even denied restarted on 19th of February. A decision has to be made within 45-days.
- Bakkt platform confirms other partnerships beside Starbucks & Microsoft.
- NASDAQ BTC-Futures come out of nothing (the initial plan was to launch them in Q1 19')
Overall we still have a huge liquidity void between $4400 - $5800 that I expect us to clear out. No TA for that needed. This comparison should show that the odds for a BTC pump towards 5800-6200 are very good.
Not too technical today, just a pure market-structure comparison!
Stay tuned and don't forget to leave a like & follow if you like my work!
Let's dive into it. I'm sure you have seen many Bitcoin/Gold comparisons before. But did you already see a comparison between Bitcoin and Silver? If not, here it is.
BTC/USD is a 4D chart & XAG/USD (Silver) a 4hr chart. We can clearly see that the market structure is quite similar, even RSI levels match. A never ending clean supprt broken, followed by an expansion down & consolidation afterwards, making a Higher-High and a Lower-High. Both trendlines are here to visualize a Low-HigherLow structure.
Seems quite similar, huh?
Guess what, BTC/USD is right at the exact RSI level as when XAG/USD (Silver) pumped towards it's clean support that turned into resistance after expanding down. As highlighted, we have an inverted hammer on both charts.
I'm not going to dive into the fundamental details too much but there are a few things that could influence this:
- CBOE-VanEck ETF countdown for a decision whether the physically-backed Bitcoin ETF get's approved, delayed or even denied restarted on 19th of February. A decision has to be made within 45-days.
- Bakkt platform confirms other partnerships beside Starbucks & Microsoft.
- NASDAQ BTC-Futures come out of nothing (the initial plan was to launch them in Q1 19')
Overall we still have a huge liquidity void between $4400 - $5800 that I expect us to clear out. No TA for that needed. This comparison should show that the odds for a BTC pump towards 5800-6200 are very good.
Not too technical today, just a pure market-structure comparison!
Stay tuned and don't forget to leave a like & follow if you like my work!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.