Bitcoin and Global Crude Oil Prices are Syncronized
The blue price line behind is global crude oil price (Brent Crude Oil). As you see, Bitcoin price movement is mirroring the crude oil price movement. This behavior is especially visible at 5 min tickers.
I guess we can utilize the crude oil trend for bitcoin forecast.
This also shows that Bitcoin news are lemon. Especially, today everybody said that Bitcoin crashed because of SEC EFT decision. Did crude oil also crashed because of Bitcoin EFT news? Sorry but...
5 min is important. In larger scales, small differences accumulate and similarity blurs. However, you can always bet that Bitcoin crashes when oil prices are dropping in larger scales also.
I guess we can utilize the crude oil trend for bitcoin forecast.
This also shows that Bitcoin news are lemon. Especially, today everybody said that Bitcoin crashed because of SEC EFT decision. Did crude oil also crashed because of Bitcoin EFT news? Sorry but...
5 min is important. In larger scales, small differences accumulate and similarity blurs. However, you can always bet that Bitcoin crashes when oil prices are dropping in larger scales also.
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See also medium.com/@tradinge...ruments-e79ec8aa7018