BTC WEEKLY CHART: "The Panic Zone" THEY'RE BAAAACK!Actually "THEY" never left. The volume of Chinese Yuan moving into Bitcoin is off the charts. It's ten to fifteen times larger than the previous Yuan devaluation I noted with the May 23 "Chinese Insiders" chart tag. The current round of volume and valuation have not been completely reflected in the BTC/USD chart. The US investors are still asleep. There is huge upside pressure on the BTC/USD price.
Here's what's going on. The Yuan is about to be devalued again. The Chinese government likes to pin the Yuan value to the USD. The USD has been rising against other currencies because of a perceived safe haven from problems with other currencies. My opinion is this perception is ill placed but that is not the topic of this discussion. The reality of the manipulated connection between the Yuan and the USD is that this makes Chinese manufactured goods too expensive and the Chinese government is about to take action to correct this problem in a big way. We have already seen China dump massive US debt. They did this just prior to the previous devaluations too.
Hang on to your hats. We're in for a ride!
