W.D._Goon
Long

$BTC testing highs and why USDCNH matters

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin highly correlates with Dollar pair volatility these days, these are signs the market has matured a lot. Which makes sense since the CFTC considers it a commodity these days as more CFTC approved derivatives are on the way. US largest trading partner is China, any market correlation done on any asset if you ask me starts with capital flow from those areas, Europe is a close second which is why you're seeing great coordination between central banks in these economies.

I believe the breakout into ATH's on Bitcoin will go together with the continuation of the USD bull market. China is hugely Dollar hedged which is why PBoC will simply keep fixing CNY down to benefit off this.
Feb 21
Comment: first target hit
Feb 23
Comment: We are testing the target of 1160, if we keep sustaining above we have chances of pumping ahead of USD. Eventually EUR AND CNH weakness will give room for Bitcoin prices in the high $1000s possible up to $2500
Mar 04
Comment: Wave up clearly correlated with CNH, if you ask me USDCNH is pushing the USD basket upwards
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