Bitcoin almost came close to the key resistance level of $ 6,000. We will remind, last year this line quite a long time served as a support for the asset, so now to break it may not be so easy. A break above will be a very good signal for opening long positions and evidence of the beginning of full-scale bullrun.
It turns out the price movement of the cryptocurrency very similar to the market situation of the Turkish Lira and silver. However, after the approach to a key point — where Bitcoin is right now — the price of the asset starts to move in opposite directions.
How will this affect Bitcoin?
Analyst under the name Crypto Wolf recently posted comparison charts of the main crypto-currencies and the Turkish Lira. He noted that between the two assets may not be any correlation, therefore, the repetition of the price movement of the currency is likely to be pure coincidence.
At that time this was pure hopium.
Indeed, trading pair USD/TRY “drew” a clear V-shaped bottom, followed by rapid growth. The situation with Bitcoin on a local scale is strongly reminiscent of such a scenario. Except that while few hopes for global uptrend in the near future.
The second scenario, Bitcoin can replicate the price movement of silver. The precious metal also experienced a parabolic increase of 1000 percent in its history. After him followed the rapid decline, however the bearish trend is not over new ballroom. On the contrary, the price of silver fell even lower.
#Bitcoin vs. $Silver$Silver posted 1000%+ parabolic gains/crashed$BTC too posted gains parabolic/drop$Silver found support at the 200 Month MA$BTC found support at the 200 Week MA$Silver found resistance at the 50 Month MA$BTC struggling against the 50 Week MA
(Comparison for Fun only)
On the chart of the asset you can see how it failed to break the moving average 50 SMA on the 1-month chart. At the moment BTC is near 50 SMA on the 1-week chart. The scale is smaller, since cryptocurrency only a few years of active trading history.
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