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Volumespreadanalysis

JICPT| CNH may weaken against USD with key support of 6.36! Hello everyone. It's been one months since I published an idea titled 'USDCNH testing policy bottom of Chinese Government'. Definitely, 6.35 is policy bottom which explained clear in the related idea below. However, it kept going down until it touched 6.30. It was very interesting to observe the huge volume . I suspected government intervened as whole figure really mattered. 6.29ish is totally different from 6.30. Coincidentally, that was the day Putin announced military operation in Ukraine. In the following days, I also noticed two abnormal volume with one thin candle and one thick candle respectively. Then, Chinese mainland market as well as Hong Kong market tumbled with CNH quickly weakened against USD. I don't think government stepped in this time. Short sellers were likely to jump in. Did the downtrend channel got firmly violated? Not at all. The key support is 6.36. If it holds well, the pair may go sideways before forming another leg to conquer the trouble channel. If it failed, the pair is likely to seek support around 6.3250. I think the weak CNH benefit China's economy. Of course, the government will also take into the account of the internalization of the currency. The strong CNH helps. Everything has two sides. Let's see where it's going. My personal view is that the pair is likely to go back to 6.50 within the next two quarters . What do you think?
Long
by JICPT
BTC SHORT TERM DOWNTREND???BTC failed to break middle of gann box from the middle of the trade. Gann box is veryy good tool used for entries on downtrends( when there isnt much supply or demand zones) Everything above the middle of it is considered espensive and everything below is considered good to buy. They should be used with trend and current trend for last few days was bearish so it confirms the move i think btc will go to. Also zone on 1d timeframe that caused higher high wasnt reached(1d demand zone on chart) 37.5-39k area and is most likely to be tested. After it gets tested uptrend may continue and maybe even bullrun. All this is also confirmed on USDT.D chart which you can look more about here. BTC VOLUME IS VERY LOW THESE DAYS SO YOU SHOULD BE AWARE THAT IT CAN HAVE SOME LIQIDUATION WICK
Short
by UnknownUnicorn26826311
JICPT| BTC seeking support from recent low around 33K to 35KHello everyone. BTC has rebounded by approximately 40% after being stopped at key supply zones where 200EMA & anchored VWAP are sitting as marked in the chart. if you look at the candle formed on Jan. 24th, the abnormal huge volume and thin spread candle may get your attention. It was followed by thin spread candles with volume reduced drastically. In my view, I think sellers are tired and buyers can relatively easier to move the price higher, until it came to the level of 45K. The candle pattern made me a bit disappointed, because I'm bullish on BTC. At lease, give me one yellow volume bar. The 2nd revisit was definitely a failure due to the low volume. I think BTC is forming sideway structure(accumulation) . I would be interested in the bottom zone(33K to 35K). What do you think? Give me a like if you're with me.
BITFINEX:BTCUSDShort
by JICPT
JICPT| USDCNH testing policy bottom of Chinese governmentHello everyone. USDCNH created a recent new low since May of 2018 when the trade tensions between US and China emerged, followed by sharply depreciation of Renminbi. With the help of strong export in the past two years, Renminbi went against the greenback by 12ish%. If the Renminbi becomes too strong, it'll undermine its export competitiveness. There was no wonder that the government held two meetings last year when the pair touched 6.35 (policy bottom), reclaiming the double direction movement of the currency. The government also raised reserve requirement ratio for foreign currency twice from 5% to the current 9%. I reckoned it as a signal to prevent it from further appreciation. So, how does the market react? Does the downtrend of USDCNH get reversed? Not yet from the chart. What got my attention is the 400 bullish daily candle on Jan 27th with huge volume compared to nearby candles. I guess it was sort of a intervention and I don't believe the big movement was created by retail investors. Then, there was huge volume bar(golden) candle with thin spread, suggested the battle between buyers and sellers. It seemed that buyers took a watch attitude since then. Now, the nearest control high is 6.36-6.38 . Until this zone got violated, the pair may start accumulation to form a sideway market before coming up. I'm expecting another big bullish bar soon . What do you think?
Long
by JICPT