Bitcoin Breakout Imminent - Correleation Between China and BTC

BITFINEX:BTCUSD   Bitcoin / Dollar
*This is not your conventional chart and many may ignore it but I believe that this chart has tremendous potential and that the intersections that occur in this chart followed by severe volatility is not just a matter of chance.

(Chinese Index with Blue candles)

As everyone knows the Chinese run Bitcoin . My hypothesis is that in the past year and a half Bitcoin's price action in dependent on capital inflows/outflows in between the BTC market and various Chinese asset classes. Here I have taken Shanghai Index A for the comparison. I believe that its not coincidence that Bitcoin is breaking 14 month + highs while Shanghai Index A is reaching near 16 month lows. Even if you play with the zoom you will always get intersections preceeded by heavy price volatility . Best of luck my friends
Comment: Forgot to mention the possibility of capital restrictions on Bitcoin in response to widespread circumvention of capital restrictions placed by the POBC
Very interesting chart. Thanks for posting :)
+2 Reply
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