At BeInCrypto, we offer regular price analyses and predictions of the most popular and relevant cryptoassets. Today, we are beginning a weekly series in which we compare price fluctuations of Bitcoin (BTC), Crude Oil, and Solar Power.
In this analysis, we compare the current trading patterns of crude oil, Jinko Solar—the world’s largest solar panel manufacturer, and Bitcoin. We conclude with a summary of our findings.
What’s Going on With Oil?
The price of crude oil (USOIL) analyzed at one-hour intervals from Apr 6 to Apr 24 in order to trace the current pattern. Crude oil has been on an uptrend since reaching lows of $61.70 on Apr 5. It reached highs of $64.77 on Apr 9. Since then, it has been trading inside a symmetrical triangle:
The highlighted part is the price of oil during the week of Apr 17-24. During this period, USOIL has seen price increases including a breakout from the current trading pattern on Apr 22.
Since the breakout, USOIL does not appear to be trading within a clear structure. At the time of writing, the price was trading near $66.50.
What About Solar Energy?
The price of Jinko Solar (JKS) is analyzed at one-hour intervals from Apr 10 to 24 in order to trace the current pattern:
The price of JKS has been on an uptrend since reaching lows of $17.14 on Apr 11. Since then, it has been trading inside an ascending channel.
The highlighted part is the price of JKS during the week of Apr 17-24. Similar to USOIL, JKS also experienced gains during this period.
At the time of writing, the price was trading near $19.7.
A Look at Bitcoin
The price of BTC/USD is analyzed at two-hour intervals from Apr 1 to 24 in order to determine Bitcoin’s current trading pattern:
On Apr 2, a massive spike caused Bitcoin to break out of its previous trading pattern. The price reached a high of $5335.5 the following day.
Since then, the price has been trading inside an ascending channel. The highlighted part is the price of BTC during the week of Apr 17-24.
Like both USOIL and JKS, Bitcoin has seen price increases over the last week. At the time of writing, the price was trading near $5500.
Comparing April 17-24 Performances
The price of BTC, JKS (purple) and Oil (yellow) is compared at one-hour intervals from Apr 17 to Apr 24 in the graph below. The right-hand scale presents the percentage increase/decrease of the three assets during this period.
The price of BTC has enjoyed a gradual increase which intensified on April 23. Its growth rate outpaced that of oil during the entirety of our measuring period. Measuring from Apr 17, the price of BTC has increased by 4.98%
The price of JKS has alternated between periods of sharp increases and sideways movements. A sharp increase began on Apr 17. The price stalled until April 23 followed by another sharp increase was initiated.
Similar to BTC, its growth rate outpaced that of oil during the entirety of our measuring period. Measuring from Apr 17, the price of JKS has increased by 6.2%
The price of oil began a slight decrease on Apr 18. It lasted until Apr 22, when it began an upward move. Its growth rate lagged behind both JKS and BTC. Measuring from Apr 17, the price of oil has increased by 3.4%.
Summary
As evidenced by the charts above, we can come to the conclusions that the price of BTC and JKS have enjoyed greater increases than the price of oil. Furthermore, the price movements of both BTC and JKS were similar, characterized by significant volatility and periods of sharp upward/downward moves. To the contrary, the price of oil has seen significantly slower movement. Even though news of a potential supply crunch might have caused a price spike, it was not sufficient to keep up with the increases of BTC and JKS. Interested in 2019, 2020, and 5 year Bitcoin price predictions? Click on the green button below:LONG-TERM BTC/USD PREDICTIONS!
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Top crypto projects in the US | May 2024
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored