When it comes to precious metals, most investors and speculators will not look beyond gold. Silver is an equally valuable asset, and it too has its value compared to Bitcoin on TradingView. Similar to XAU/BTC, the XAG/BTC chart is evolving in a direction favoring Bitcoin.

XAG/BTC Remains Rather Bearish

The year 2020 has been very interesting for all assets, commodities, stocks, and so forth. Most markets have been significant losses, and are only now starting to mount a comeback of sorts. Others, such as cryptocurrencies and precious metals, tend to do their own thing, attracting a lot of attention from speculators globally. 

Looking at the XAG/BTC chart, it quickly becomes apparent that this market has been relatively stable for quite some time. Although 2020 has been beneficial to the silver price, it is also the year in which Bitcoin finally recovered from last year's losses.

As both markets rise side-by-side, there is no real market direction to take note when looking at the weekly chart. On the daily, however, there are some intriguing indicators. 

Bollinger Bands: Following some strong upward momentum for silver over Bitcoin, it appears as if the market has calmed down a bit once again. Bitcoin has, over time, regained some of the momentum, pushing the XAG/BTC ratio below 0.00185 again. A drop to 0.0015 seems unlikely, but the narrowing BBs indicate that something will happen sooner or later.

Moving Averages and RSI: A key indicator can be found in the moving averages. As the MA2300 remains relatively flat, no further decline- or massive uptrend - seems likely at this time. That being said, the MA20 is angling up strongly, and may push the market forward again.

To do so, it will need to cross the downward sloping MA50, which may pose a key challenge in the next few days. Both lines are likely to converge near the 0.00185 level, assuming the market doesn't go down further. All of that may hinge on the silver price's momentum, which doesn't appear to be all that positive at the time of writing. 

Silver Loses Ground

It is not uncommon for precious metals to lose some momentum ahead of the weekend. This same concept applies to Bitcoin and other cryptocurrencies, for the most part. With the weekend just around the corner, the XAG/BTC ratio may see some surprising changes, albeit it remains unclear if there will be any longevity to them.

On the upside, silver is still in a prime position to have a strong second half of 2020. Various experts, including Alisdair Macleod, are convinced that silver will see some prominent price changes in the coming months. He even advocates for using silver as a monetary unit when the current financial system collapses. 

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