I'd like to bring your attention to the USDCNY monthly chart here. If we examine previous levels of support and resistance, and analyze price action using Tim West's methods, we could conclude that the uptrend in this pair, and logically, the one in Bitcoin, has still ample upside in its future. It would be logical to observe 19% more upside in USDCNY, and 760% more in BTCCNY, if we maintain the current uptrend speed, which is yet to be seen. For now, we can look to fade short term and intermediate term selloffs in these instruments, with considerable comfort, and a rather high win rate. My preference is to hold bitcoin positions, but we can speculate on both instruments, and also in smaller timeframes.
Hey amigo! Good call! Also analysed CNY today. They so easily gave up this handle. Agree with your target.
IvanLabrie
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@aibek, hi, thanks. I think the longer term dollar strength is pretty much confirmed by now. You can see how new lows, or short term downtrends lead to stronger buying each time, making it an ideal trend to trade. Cheers!
aibek
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@IvanLabrie, They inject tremendous amounts of liquidity to support the market. Best regards!