A fall of the Chinese yuan against the dollar may have a positive impact on the cost of bitcoin. This opinion was expressed by Chris Burniske, a partner at Placeholder Capital. The analyst pointed to the correlation between the weakening of yuan and the growth of BTC. The chart shows that this pattern has been interrupted only a few times in the last five years. Burniske highlights the years 2015 and 2016 when the yuan weakening reached its peak. In his opinion, the third peak may be reached soon, which will lead to the strengthening of Bitcoin. The head of Blockware Solutions, Matt D’Souza, also pointed out the first signs of weakening. He added that Bitcoin is responding already:
In September last year, Bloomberg pointed to the inverse correlation between Bitcoin and Yuan. A similar pattern was noticed by Jeremy Allaire, CEO of Circle.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin rose to the resistance level of $9,000. Now, it is $8,870. In the future, we predict a decrease in the price of bitcoin. The nearest resistance levels are $9,000, $9,200, $9,400, $9,700, $9,840, $9,950, $10,000, $10,250, $10,500. The nearest support levels are $8,600, $8,150, $7,900, $7,600, $7,500.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum rose slightly to the resistance level of $205. Now, it is $202. In the future, we predict a decrease in the price of ethereum. The nearest resistance levels are $205, $209, $212, $216, $218, $226, $245. The nearest support levels are $200, $198, $193, $189, $186, $183, $178, $174, $169.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple rose to the resistance level of $0.1970. Now, it is $0.1930. In the future, we expect a decrease in the price of ripple. The nearest resistance levels are $0.1950, $0.2, $0.2020, $0.2060, $0.21, $0.2150, $0.22, $0.23, $0.2350. The nearest support levels are $0.19, $0.1820.
