Analysts have discovered a significant similarity between Bitcoin price trend and chip stocks. Over the course of seven months since the beginning of 2017, the price trend of the main Philadelphia Semiconductor Sector Index has been remarkably similar.
A chart revealed by CNBC showed:
It is unclear whether the similarity between the price trend of the SOX and Bitcoin is completely coincidental or somewhat relates to each other. However, Evercore ISI technical analyst Rich Ross noted that he has been aggressively encouraging investors and traders to buy biotech and sell semiconductors, considering the recent hike of the SOX value.
"I reiterate my sell call on Semi's and continue to see a test of 1,000 on the SOX (-8 percent) as the group continues to display the textbook signs of a reversal in trend and a technical symmetry with Bitcoin, which is down -9 percent overnight and poised for another -17 percent to 2,044,” said Ross.
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https://cointelegraph.com/news/there-is-similarity-between-bitcoin-price-trend-and-chip-stocks-performance-analysts
