Why Is AMD Correlated with Bitcoin?
Advanced Micro Devices – AMD is an American multinational semiconductor company that develops computer processors, graphic cards and related technologies for business and consumer markets. We know graphic cards are used for cryptocurrency mining and this is the reason why there’s positive correlation between AMD and Bitcoin.
AMD Elliott Wave Analysis
If we take a look at the weekly chart, we can clearly see bullish trend and from Elliott wave perspective, we still see it unfolding five waves up. Current decline from the highs, looks slow, choppy and overlapped which indicates for wave IV correction. So, we believe that AMD is now approaching important and strong support at the former wave (IV), EW channel support line and 200-Week moving average.
Well, if we are on the right path, then AMD could start bouncing and recovering within wave V soon and if we respect a positive correlation, then Bitcoin could easily follow.
Trade well!
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