BTC and Silver part 2: Similar structure, different time frame.

On July 27, 2020, I published the post below, showing the similar structure in silver and bitcoin on the weekly chart. The similarity in structure suggested to me that Bitcoin would follow silver's price behavior. It did exactly that after breaking the 12k level, going vertical just like silver had after breaking the $19 level. I am not suggesting that silver is always a good leading indicator for bitcoin, or vice versa. But I would say on longer time-frames (starting in mid 2020), they've been telling a similar story.. Maybe it's just USD related, or just a function of risk-on assets going up together. What I know - seeing these two breakout similarly gives me more conviction in my long position for both assets. A friend of mine said, "what's the best F you to the system? Not Gamestop."

Comment:

Silver looks to be leading the structural breakout - same as July / August last year..

Comment:

New highs for BTC

Silver consolidating after testing the big 30 level. Next retest of the 30 may take some time, but I think that will be the one that does it.