Bitcoin Vs. Tesla: Tale Of 2 Parabolic Markets
Candy Matheson | Feb 09, 2020 01:15AM ET
Check out the similar parabolic moves on Tesla (NASDAQ:TSLA) and Bitcoin (BTC/USD) on the following weekly comparison chart.
Although both instruments are wildly different (inasmuch as Tesla (NASDAQ:TSLA) is actually pegged to a tangible product and is backed by shareholders, Bitcoin is not...it's a cryptocurrency), they've both experienced extreme parabolic moves.
Bitcoin dropped like a stone throughout 2018 before it stabilized and eventually experienced a mini-rally (in comparison to its prior heady spike to 19,210 in 2017). Since mid-2019, it has mostly dropped in a choppy manner, and is attempting yet another comeback.
Tesla (NASDAQ:TSLA) reached a high of 968.99 on February 4 before losing a couple of hundred points in two days. The Balance of Power is still in the hands of buyers on this timeframe. A drop and hold below zero will shift that power to sellers...one indicator to watch over the coming weeks.
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