Bitcoin: Paired Movement with Silver 1D (Jun. 19)

X Force Global Analysis:


In this analysis, we explore the similarities in Bitcoin and Silver's daily chart, assessing the bullish and bearish probabilities.

Analysis

- We are currently trading within an ascending parallel channel, creating higher lows and higher highs
- Prices are trading above the Ichimoku Cloud, indicating that the trend is bullish
- Within the ascending channel, Bitcoin is currently consolidating within a descending wedge
- The Stochastic Oscillator is creating lower highs, as it demonstrates decreased momentum
- A breakout would be necessary for the Stoch as well
- Bitcoin has been showing a paired movement with Silver, since early March of this year
- Given that Silver is on the verge of a highly probable bullish rally after underperforming for over 6 years, its movement pair with Bitcoin indicates a bullish probability

Market Sentiment:

Long short ratios are at 67 to 34, with reduced long positions. Nonetheless, the market sentiment remains dominantly bullish.


What We Believe

We believe that the bullish probabilities outweigh the bearish probabilities short term, but further confirmations are required for a mid term bullish rally.

Trade Safe.