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On May 23, the price of gold broke free of a downtrend and made a breakout above its resistance line., on the other hand, is trading within a symmetrical triangle and has yet to break out.
In this analysis, we examine the price fluctuations of Gold and Bitcoin between May 20 and 25. Today we are going to compare the price of Bitcoin (BTC) and Gold for the week of May 20-25. We will look at each asset individually and then compare the rate of growth side by side.
We begin our analysis by looking at gold.
The price of Gold ($/OZ) is analyzed at one-hour intervals alongside volume from May 20-25.
On May 20, the price made a high of $1278.93. A gradual decrease followed. The price made several lower highs, which create the descending resistance line outlined below:
The price broke out from this line on May 23. The breakout occurred with significant volume. It reached a high of $1287.3 before decreasing slightly.
The price is currently trading at $1284.59.
The price of BTC/USD is analyzed at two-hour intervals from May 15 to May 25.
On May 16, the price reached a high of $8352.3. A rapid decrease ensued and the price made a low of $6999.9 the next day.
It has been increasing since, trading inside the symmetrical triangle outlined below:
At the time of writing, the price was trading at $8049.60.
The price of Bitcoin (candlesticks) and the price of Gold (gold) is compared at one-hour intervals from May 20 to May 25 in the graph below.
Bitcoin began the week by decreasing significantly, reaching lows below 7% on May 20. A gradual increase was preceded by a decrease. By May 23, the rice had dropped by about 9%.
An upward move followed, but Bitcoin was unable to attain a positive rate of increase. The measuring period ended with a decrease of 1.38%.
Gold did not experience such significant fluctuations during this period. It decreased by less than 1% until May 23, when an upward move began. This led to a breakout as shown by the arrow in the graph above. For gold, the measuring period ended with an increase of 0.58%.
In short, for the week of May 20-25, Bitcoin dropped while gold rose in price. The drop for Bitcoin was more significant than the gains for gold.
Which of the two assets do you believe will increase the most during next week? Let us know in the comments below:
Interested in 2019, 2020, and 5 year Bitcoin price predictions? Click here: 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.
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