Spot the difference

Heres a familiar looking bitcoin chart showing price decline from last December’s peak all the way down to about $435 where we are now at time of writing.

Another large 10% drop is currently in progress! Note we are rapidly closing in on my 3rd support level at about $400. Perhaps some support will be found there… perhaps.

Meanwhile heres silver on the Comex showing price decline from April 2011 peak.

Silver is close to resolving a wedge its been in for quite some time.

While I’m at it, this is what gold is looking like.

Did you spot the difference? They look pretty similar, only real difference is bitcoin is compressed into a much smaller timeframe. No real point to this comparison but similarity is kind of interesting.

When is bitcoin going to go up.. I capitulate.

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6 thoughts on “Spot the difference

  1. Very interesting comparison thanks !

    I hope $400 is the next support, now that I am all in 🙂

    We’re waiting now for the financial apocalypse to start to see some prices go up ..

  2. Yep, as soon as this correction began, I was like, this is silver all over again. Since silver’s correction has gone on much longer than expected, that’s what kept me open about bitcoin’s correction going longer than expected.

  3. Very interesting indeed !

    Some people says silver and gold prices are manipulated.
    Is that mean bitcoin price is also manipulated?

    Your downtrend channel on BTC & GLD charts make me sad. And particulary gold. I though that the move of the latest 3 month was the begining of a bullish period. But unfortunately everything is under control for bearish guys.

    1. In my view gold and silver are manipulated, which works for now but won’t work indefinately. all gold suppression schemes are laid waste eventually.

      I think Bitcoins are not so easy to manipulate in the same way because there is no futures market or ETFs or banks holding stores of bitcoins which can be sold into price rises.

      However the bitcion market is still young and small enough that big fish can probably move it. I think this bitcoin bear trend is a natural correction, which was maybe exaggerated by actions of powerful entities, ie russia, china and fed have all attacked bitcoins in this bear. In a way I think the fact bitcoins still has such value in the face of all that is quite bullish longer term.

      1. I AM THE BITCOIN AUTHORITY MY TWITTER IS THEBITCOINAUTHORITY. MY FORECASTS ARE ALWAYS CORRECT. FOLLOW MY FORECASTS AND BE REWARDED WITH LOTS OF MONEY. APRIL 4 WAS THE BEGINNING OF THE 2014 SUMMER RALLY. WE WILL SEE PRICES GO UP FOR ABOUT TWO WEEKS THEN BEARTRAP BEFORE IT GOES INTO FULL RALLY MODE PEAKING ABOVE 3200 THIS SUMMER.

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