Despite massive gains throughout 2019, the Bitcoin price experienced losses between June 1 and 8. It is trading inside a descending channel. On the contrary, the silver price is trading inside an ascending channel and was able to experience a gradual increase.
In this analysis, we examine Bitcoin’s losses and silver’s gains, side by side, to assess their significance and similarities.
On May 25, we compared the price fluctuations of Bitcoin (BTC) to Silver. Therein, we noted that the Bitcoin price had slightly declined in value while the silver price had seen slight gains.
We traced an ascending channel for silver between June 3 and 8. It began once the price reached lows of $14.6 on Jun 3. At the time of writing, Silver ($/OZ) is trading in the middle of the channel after an unsuccessful breakout attempt on June 7.
Both the resistance and support lines have been touched three times. After touching the resistance line for the third time, the silver price subsequently fell. At the time of writing, it was trading near $15.
The highlighted part is the price of silver during the measuring period of June 1 – June 8.
The price of BTC/USD is analyzed at two-hour intervals from May 23 to June 8.
On May 27, the Bitcoin price reached a low of $8645.3. A gradual increase ensued and the price made a high of $9109.0 on May 30.
It has been decreasing since, trading inside the descending channel outlined below:
Summary: Bitcoin vs. Silver
The price of Bitcoin (candlesticks) and the price of silver (blue) are compared at one-hour intervals from June 1 to June 8
The Bitcoin price began the period on a downtrend. The decrease intensified on Jun 4 and the next day the price reached a total decrease of 12 percent. Since then, it has been gradually increasing. However, the measuring period ended with a decrease of 6.34 percent.
On the other hand, the silver price has been significantly less volatile. It has been gradually increasing since June 3 and finished the measuring period with an increase of three percent.
In conclusion, Bitcoin experienced losses while silver experienced gains. The losses for BTC were more than two times greater than the gains for silver.
Which of the two assets do you believe will increase the most during next week? Let us know in the comments below!
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.
Images courtesy of TradingView.