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Is Bitcoin Ready To Take Off?Weekly Time-frame We are now trying to fill the long wicks to the upside. We are still inside Ichimoku Cloud. Greed and Fear index today is at #27 which is fear. Our correction today reach up to $39,400 which is our Tanken Sen Support and bounce right away to the upside. Awesome Oscillator (AO) still Bearish Saucer. 1D Time-frame Bullish AO. We are now finding support in the Cloud at $40,767, once broken we are forming a lower high a descending triangle breakout to the downside. Bouncing Area of $39,400. 4H Time-frame We found resistance in $41,000 once we flip it, it will be the next support as we are in the rally. once we get rejection we can expect more to the downside,. Next support is at $40,246, $39,900 top would be at $41,687 then goes down again for correction. We will discuss more on the possibility on our Live. Stay tune and check with us! Want more insights before US market open? Hit Like, Share, and Subscribe for more daily trading tutorial & cryptocurrency news Trade Scholar, the best cryptocurrency educational community online! Find the content above difficult to understand? Feeling lost about how to trade? Want to learn how to do your Own Price Prediction? We endeavour to share you our investment knowledge & experience in order to help you starting your path to financial freedom. Follow, Subscribe & Join our Community to trade together! Disclaimer: Above Technical Analysis is pure educational information, not Investment Advice. The information provided on this post does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
BINANCE:BTCUSD.PLong
by Trade_Scholar
China’s Bitcoin Crackdown China’s Supreme Court has issued a ruling that specifies penalties for offenders who use cryptocurrency to raise funds. Penalties range up to 10 years in prison and fines of up to 500,000 yuan ($79,000). China’s years-long crackdown on cryptocurrency has stepped up another level, thanks to a new Supreme Court ruling that paves the way for fines and potentially lengthy jail sentences for citizens found guilty of fundraising via crypto tokens. Released earlier today, the Supreme Court’s decision specifies that “virtual currency” transactions used for raising funds can be prosecuted, with varying penalties available depending on the amount of money raised via the transactions.
BITSTAMP:BTCUSDLong
by rentooipili
Is the Chinese Yuan Readying to Reverse?The Chinese Yuan spent most of 2021 appreciating against the US Dollar despite a broadly upbeat year for the latter. Now, fundamentals may be paving the way for its turnaround amid the risk of slowing demand for Chinese exports - www.dailyfx.com USD/CNH recently turned higher following a more hawkish Federal Reserve, reinforcing the key 6.3526 - 6.3238 support zone. Meanwhile, the PBOC is looking comparatively dovish. Positive RSI divergence shows that downside momentum is fading, which can at times precede a turn higher. Immediate resistance appears to be the 61.8% Fibonacci extension at 6.3833 before the midpoint at 6.4110. Down the road, the pair would have to face falling resistance from March which could reinstate the broader downside focus. On the other hand, taking out the key support zone exposes the 100% extension at 6.2936.
by QM_Dubrovsky
1
USD/CNH Triangle Apex Nears, Will Prices Break Higher or Lower? The Chinese Yuan's volatility versus the US Dollar has eased considerably in recent months compared to price action seen earlier this year. USD/CNH is quickly approaching the apex of a Symmetrical Triangle pattern, however. This may see the currency pair make a break higher or lower in the coming weeks. Technically speaking, the triangle doesn't show bias to either side and prices are gyrating around the 100-day SMA. However, fundamentally, the Yuan's position versus the Greenback doesn't offer a strong picture given the prevailing housing market headwinds in China.
by Thomaswestw
Yuan will devalue soon, US dollar $DXY will soar!Republishing this from my USDCNY post. 1. Head and Shoulders pattern 2. MA's + PA show a bottoming pattern 3. China will devalue the Yuan (Remnimbi) 4. Dollar $DXY will go over 106 5. Gold $XAUUSD will go below $1,500 oz. 6. Silvere $XAGUSD will go below $15 oz. Trade idea related to this currency pair that goes through other macro factors twitter.com 10, 20, 30 year yields mirror this PA - and show USD will be going up as yields are starting to. When China devalues the Yuan, the FED will be helpless to push it down unless they go all in on YCC via UBI. Then you'll want to pivot into $XAUUSD or $XAGUSD.
Long
by EmptyEternity
Market Insight: Maintaining a forecast of 6.30 by end 2021 - INGING discussed its expectations for the USDCNY in a recent note to clients. Finally, the PBoC acts to deter yuan appreciation After several rounds of talking down yuan appreciation, China's central bank has now taken some firmer action. The PBoC will raise fx deposit reserves from 5% to 7% effective from 15th June. This comes after the PBoC appreciated the USDCNY fixing this morning to 6.3681 from last Friday's 6.3858. Will this work? We believe that this increase in foreign deposit reserves will help to deter speculators and shield the yuan from further rapid appreciation unless those speculators believe that the yuan wil appreciate by more than 2% points from now even after the PBoC has sent this strong signal. In short, this should be enough to slow the pace of the yuan's appreciation. But it may not stop it. Is this a backward move on exchange rate liberalisation? This sounds a bit like a retrograde step to the PBoC's ambitions on exchange rate liberalisation. But it isn't really. Looking at the fixing, which continued this morning to follow overnight developments of the dollar index, it looks as if the PBoC still wants to stick to the idea of exchange rate liberalisation. But this is difficult to achieve if the PBoC doesn't like speculators occasionally taking charge of the direction and pace of the yuan FX market. A market consists of FX users and investors, including speculators. We interpret the foreign deposit reserves as a tool to deter speculation, not yuan users (such as exporters and importers). And this type of administrative measure will continue to be used repeatedly when yuan moves look to be dominated too much by speculators. We are maintaining our USDCNY forecast at 6.30 for the end of 2021.
by thunderpips
CNY breaking major trendlineCNY has broken a major long term trendline against the US dollar. I believe there is more upside ahead for the Chinese Yuan. The Chinese gov will try to talk down the Yuan to dollar but that will not work without some major government intervention. Just today, they announced a hike in reserve ratio requirements for the first time since May 2007. This move didn't work then and it probably won't work now. It may slow the acceleration though. I would be looking for the Yuan to test its all time high of 16.66 area. Watch out for a throwback to .1558 area first.
Long
by ngordon
ridethepig | BTC Market Commentary 07.02.2021📌 Clarification of the manoeuvre designed to show the third liberating impulsive leg The following position was reached after Buyer's attack on the log chart created room for a momentum break. I chose the 'log chart' break (which was a game changer in the opening phase) as the one to track so that we could make use of the whitespace above. The way Buyer's play allows them to completely paralyse their opponent in majority . And now, I ask you: Why do Sellers permit the freeing move? Sellers refrain from stepping in. Correctly so, because here would be the typical example of liberation . The linkage was known in the classical school of Elliot , which believed in absolute freeing momentum moves on the log breaks and surprise surprise we got it with our wave 3 impulse. This coming to consciousness via Covid is accelerating the need for cryptographic sound money.. Let me recommend to you my Yearly closing chart: If you know the thoughts on swing chains , it is easy to outguess the concept of our opponent and understand which levels in the ladder they are naturally going to consider defending. In this particular case, we can see $53,400 as the next level to follow for Buyers. Thanks as usual for keeping the feedback coming 👍 or 👎
BITMEX:BTCUSD.PLong
by ridethepig
3
ridethepig | USDCNH into the elections📍 USDCNH into the elections Oct 2020 Markets are moving quickly. Sellers completed the third wave target at 6.629x as widely expected. The pullback we are tracking in wave 4 is now brilliant proof of a lust to expand even further down. In the 2020 macro chart, we are ahead of schedule and a healthy pullback into the elections, followed by an exchange lower seems like the pragmatic play. Of course if you are short from above you have nothing to do but continue to add on pullbacks, but for those wanting to get closer to the flows, a leg back towards 6.85x seems highly likely. Thanks as usual for keeping the feedback coming 👍 or 👎
Long
by ridethepig