Despite massive gains throughout 2019, Bitcoin (BTC) experienced price losses between May 20 and 25. On the contrary, silver was able to rise and even experienced a breakout.
In this analysis, we examine the Bitcoin’s loses and silver’s gains side by side to assess their significance.
Silver Breaking Out
The price of Silver ($/OZ) is analyzed at one-hour intervals from May 20 to May 25 in order to trace the current pattern.
The price of silver reached a high of $14.49 on May 17. to It dropped A drop caused it to make a low of $14.41 the same day. The price alternated between these two values, trading inside the horizontal channel outlined below:
The price broke out from the channel on May 23. Similarly, gold also broke out above its own resistance line on the same day.
On May 23, silver reached highs of $14.64 before beginning a gradual decrease. At the time of writing, the price is trading at $14.53 and is still above the resistance line.
No Breakout for Bitcoin
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:
Summary: Bitcoin vs. Silver
The price of Bitcoin (candlesticks) and the price of silver (blue) are compared at one-hour intervals from May 20 to May 25 in the graph below:
Bitcoin began the period on a downtrend. After reaching a bottom on May 23, the price reached a bottom. It has since been on a gradual uptrend; however, Bitcoin has not been on an overall decline decreasing by over 1.3% between May 20 and 25 .
Unlike Bitcoin, silver’s price fluctuations with much less volatile. There were slight rises and dips, but overall silver maintained positive growth. Between May 20 and 25, the price of silver had risen by nearly 0.7%.
In conclusion, Bitcoin experienced losses while silver experienced gains.
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.