Bitcoin vs Silver?

Cryptocurrency discussions
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EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

Bitcoin vs Silver?

Post by EconoD » Sat Oct 18, 2014 12:58 pm

Now this is not a technical analysis technique I know about and was just a bit of curiosity on my part. I thought the price spike in Bitcoin looked like the silver price move. So I overlaid the two and matched two significant highs in price to see if I could see a match in the pattern. Now this should be viewed with some caution as I used a graphics program to stretch the image to fit, but as you'll see broadly the prices seem to correlate but over different time periods, silver is over years and Bitcoin is over months.

Anyone know how you would go about finding a true correlation, is this a boom/bust phenomenon, would we see this shape in other markets that have experienced rapid price surges? Will Maxcoin go the same way, something to do with human psychology and Elliot Waves?

Notice on the right silver seems to be lagging Bitcoin, if we see a substantial rise in silver in the coming months it would help to confirm this comparison?

Or should I just take my tea leaves and stretched images elsewhere? ;)

Regards,
EconoD
bitc_silver.png
Bitcoin vs Silver
bitc_silver.png (150.16 KiB) Viewed 4451 times

GN912457
Posts: 24
Joined: Mon Oct 20, 2014 5:23 pm

Re: Bitcoin vs Silver?

Post by GN912457 » Wed Oct 22, 2014 11:20 am

No mate, great chart and great tea leaf reading.

Meconomy153
Site Admin
Posts: 95
Joined: Sun Oct 12, 2014 2:00 pm

Re: Bitcoin vs Silver?

Post by Meconomy153 » Sat Nov 01, 2014 2:47 am

Wow, there is really a correlation. This is really good news for bitcoin.

I think there is also a correlation between maxcoin and zimbabwean dollar :lol:
Maybe we can change that correlation.

Bitcoinar
Posts: 4
Joined: Tue Nov 04, 2014 7:45 am

Re: Bitcoin vs Silver?

Post by Bitcoinar » Tue Nov 04, 2014 7:55 am

Bitcoin is a currency. It can be kept as an asset like gold. The present bitcoin value is not perfect for it. If the world accept it then it is going to hit more than 5k. As it already hit 1200.

Slotobit
Posts: 3
Joined: Fri Apr 08, 2016 9:57 am

Re: Bitcoin vs Silver?

Post by Slotobit » Fri Apr 08, 2016 10:04 am

But the fact that there is some sort of trend that's good ..

JJC
Posts: 2
Joined: Thu Aug 04, 2016 9:39 am

Re: Bitcoin vs Silver?

Post by JJC » Thu Aug 04, 2016 10:12 am

Bitcoinar wrote:Bitcoin is a currency. It can be kept as an asset like gold. The present bitcoin value is not perfect for it. If the world accept it then it is going to hit more than 5k. As it already hit 1200.
What would you say would be the perfect value for the bitcoin then? And in your opinion, what should be done for the world to accept the use of bitcoin in modern society?
Slotobit wrote:But the fact that there is some sort of trend that's good ..
What sort of trend do you see in this? That there seem to be a correlation?

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Personally I don't really see the use of bitcoins? As to where I live there are no companies nor services that allows for bitcoin payments? I am aware of the fact that Denmark (where I live) is behind in this progress - however the only use I could see for this currency is for me to buy, hold on to it and then sell it later when the prices hopefully rises? My concern however is that Maxicoin will overtake bitcoin in a near future due to its faster transactions etc.?

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