Go back and read my previous published idea. I pointed out there is a huge difference between the Chinese Yuan/BTC chart and the BTCUSD chart. I thought I should show you the difference and speculate where this will end.
First the previous devaluation the volume was very small relative to what's going on this time around. That's because the Chinese insiders profited nicely in their first experiment with Bitcoin. This time they are more than doubling down. The final day of the rally previously and the day the Yuan was devalued was the day of the Brexit vote. The news media hardly reported about the devaluation event.
This time around it is a complete and expanded repeat. What event is coming up that will obscure the news the Chinese are manipulating their currency in a big way? THE US PRESIDENTIAL ELECTION DAY!!!!!
Look for the Chinese to move out of Bitcoin in a big way as the Yuan is devalued again.
I'm LONG for another week and look to get out while the BTCUSD price settles back to the major trend line I have illustrated in my previous charts.
While the election has come and gone, we have not seen the sell off in the CNY/BTC market as yet. This is because the Yuan devaluation has not ended. Attention by MSM continues, in shock, to cover the fake unrest in the democrat controlled sanctuary cities and to pay little attention to monetary manipulation shenanigans by the Chinese government. The BTC pullback may take a few more weeks to play out. I still think it will happen. We are near a two year high price for BTC. The downside risk is far greater than the upside potential right now. I would not invest new funds into the current rally, rather, it would be prudent to be cautious and take down incremental profit as the rally continues toward the top.
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I want everyone to know that I discovered Bitfinex is removing BFX from my account contrary to their publicly announced agreement. It's pretty sleazy. They are charging regular trading fees for BTC to USD or USD to BTC trades to the BFX account. They are using the current market USD valuation of BFX for the trade fee, not the obligated debt value. I wrote them about this and they corrected the problem but I had to really twist their arm. It took more than 3 weeks to resolve and many emails back and forth. They eventually refunded the BFX and charged the USD account as should have happened in the first place.
I urge you all to check your transaction history log for BFX. Send a message to Customer Support if there is a problem. Move your BFX to a deposit account so it becomes "protected" from trading fees.
Do this soon otherwise you'll be shorted on the reimbursements making the problem more complex.