BTC INDEX against 5 biggest adopters if we take a look at btc against the countries which traded the btc mostly.
to take out the inflation and market noise. we need to look at the chart with 5 major countries which are buying and selling bitcoin in their local currencies.
CNY, INR, PKR, NGN, EUR so if we average out these currencies we will get a value and then we divide btc with that value we will get the local avg price.
not everyone is looking at us dollar chart. sometimes we need to look at the bigger picture.
i have also multiplied to 148.68 to get actual value of btc to get clear understanding. we can already see that btc already tested the local 2019 top. which means we might already have bottomed out.
Pkr
USDPKR Potential Pullback ComingIs the Green back ready to pullback. It has managed to post two Hammers in last two days and is currently holding above 152.00 support area. Possibility for a pullback is definitely there as room to the upside is present, alternatively if price pushes past 152. We could continue to see further new lows around 150-148.
Pakistani Rupee gaining strength against USDUSDPKR
Pakistani Rupees is getting strength against USD. Currently Trading at 160.200 supported by a rising trendline. Oscillators RSI, MACD and Momentum Indicators are Showing Negative Divergence at the weekly chart. Looking forward to shorting the pair as it breaks down the rising trendline below 159 with the stop loss of just above the region of resistance and will target for near 130s.
Short Sell @159
SL @162
TP @130
PKR-USD Chart shows that Pakistani Rupee has massively DeclinedFX_IDC:PKRUSD Chart shows that the relationship between FX_IDC:PKRUSD have gone stronger. PKR has declined massively in past 12 months as per our analysis covering the Tenure of March 2018 to 2019 the period of May to July has shown massive Decline. Perhaps Bailout packages and friendly aid can might help the graph go upwards to a few bars, However the mainstream idea remains bearish against USD as IMF loan approches near we should expect more depreciation to PKR.
The chart shows a little potential gains between 0.0071xx and 0.0073xx However it doesn't seems Promising enough to attract investors.
Current Oscillators are highly on red side the buying orders for rupee are almost zero and if this trend keeps moving forward in next days we can expect a downard hit to 0.0065xx.. so plan wisely
Sometimes you Earn the other times you learn.
happy trading