BITCOIN, Yuan and China bond yields point to rally ahead!
You might be thinking what the Chinese Yuan (USDCNY displayed by the red trend-line) and China's bond yields (CN20Y displayed by the blue trend-line) have to do with BITCOIN (BTCUSD). This chart comes to show just how strong the correlation is.
As you see since 2012, every time the CN20Y broke above its Lower Highs trend-line, Bitcoin started its Bull Cycle rally. This makes the two assets strongly positively correlated. In addition, when that happened, it always coincided with the USDCNY starting a major fall (red circle on the chart, making the two assets mostly negatively correlated. In fact Bitcoin has had its Bull Cycles in major long-term USDCNY falls and its Bear Cycle in major USDCNY rises.
Right now the CN20Y is testing the 2021/2022 Lower Highs trend-line again. Do you think a break above it would start Bitcoin's new major Bull rally? Feel free to let me know in the comments section below!
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As you see since 2012, every time the CN20Y broke above its Lower Highs trend-line, Bitcoin started its Bull Cycle rally. This makes the two assets strongly positively correlated. In addition, when that happened, it always coincided with the USDCNY starting a major fall (red circle on the chart, making the two assets mostly negatively correlated. In fact Bitcoin has had its Bull Cycles in major long-term USDCNY falls and its Bear Cycle in major USDCNY rises.
Right now the CN20Y is testing the 2021/2022 Lower Highs trend-line again. Do you think a break above it would start Bitcoin's new major Bull rally? Feel free to let me know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
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You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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