Skip to main content

Crypto

Today I wish to touch upon something other than Bitcoin futures, and that is silver. For weeks I have contemplating how silver will likely reach $25 before gold reaches $1900 o Bitcoin reaches $11,000. This is because I believe silver is the most undervalued and also has the most upside potential in the near future.

With BTC futures trading as calm and stable as ever before we have to ask ourselves when this period ends and BTC breaks which direction will it favor? While the fundamentals are bullish we cannot ignore the descending top BTC has yet to break on every attempt is vastly approaching. Currently this resistance channel sits at approximately $10,000.

Not since March 2019 have we seen the upper and lower Bollinger bands come as close as they are now only $600 apart. The narrowing range of the Bollinger bands is a sign that the volatility has fallen and remained at an extremely low level. The previous occurrence of such a narrow gap between bands directly preceded a $10,000 price advance.

Bitcoin futures are falling down a slightly negative slope and the fact that they have fallen and remained under their 50-day moving average confirms that further sideways action is to be expected with a slight downward slope.

Bitcoin’s relatively low volatility may have a lot of traditional bulls turned off but all along we and many other analysts have said that a day would come when Bitcoin has shed its volatility.