This is useful in helping to form an idea of which direction the BTC may take. Currently there is a divergence in the price between BTC and USDCNH , which may point to a future weakening of bitcoin demand.
Both the trends remain in a long term bull pattern as long as another higher high is made. Currently there is some divergence in the price between BTC and USDCNH , which may point to a future weakening of bitcoin demand or at least slowing of the momentum of this trend.
I am watching to see if the USDCNH reverses its trend and the Chinese Yuan starts strengthening. If so I will become on the bitcoin . Currently, because the Yuan is still moving upwards, respecting the brown/orange trendline and the bitcoin is also in a bull trend. However I will change my opinion to neutral if the Yuan (blue) breaks through the orange trend line. I will probably change to a stance if the bitcoin follows suit and forms a lower low, past the $950 / $900 area.