Bitcoin Suddenly Correlating with Chinese Yuan (CNY)

A correlation between bitcoin and CNY appears to have developed recently with a fall in Yuan’s value coinciding with a bitcoin price rise.

We can see here what may be a cup and handle which if it does play out might suggest CNY has a lot more down to go.

What is a lot more interesting is that recent pretty much straight line starting on the 16th or 17th of May.

Also interesting is that first big green candle a few days prior around May the 6th of this year.

The dates are slightly different for bitcoin, but just by a day or two. The sideway here is also less of a clear straight line, but then it’s bitcoin.

It has been yoyo-ing up by $1,000, down by $1,000, but it’s still pretty much where it was on May 14th at about $8,000. Read More at TrustNodes...