Bitcoin Breakout Imminent - Correleation Between China and BTC
*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
(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