1000 USD per BTC: 7000 cny per coin should hold for a while
At least until the next PBOC devaluation comes (and it is likely to come, specially after the Chinese New Year), I see 7000 per coin as the price Bitcoin will hover around for a few weeks. This coincides with catching up to USDCNH, if we divide BTC's price by 1000. I reccomend a 15 to 30% long term position in Bitcoin, you can rebalance this periodically, or add funds as your net worth increases each month, with your money destined to savings.
Let's keep an eye on prices and the activity leading to the 28th of January. It is probable to see some kind of sideways action next, so, I'll be looking to profit from short term weakness if it happens. Else, I'll just hold long term longs in place and wait.
Cheers,
Ivan Labrie.
Let's keep an eye on prices and the activity leading to the 28th of January. It is probable to see some kind of sideways action next, so, I'll be looking to profit from short term weakness if it happens. Else, I'll just hold long term longs in place and wait.
Cheers,
Ivan Labrie.
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As expected. Keep an eye on USDCNH, going into the Chinese new year on Jan 27-28th.
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If we go sideways, we'll soon have a buy opportunity for continuation in BTC.
Yup, happy new year!