The year of the monkey has started with the coming of the bulls. Chinese traders have extatically bought this market up bursting through 2600 and above 2800 in the week since Chinese New Year celebrations have concluded.
This is an interesting note given that the Chinese Yuan has actually strengthened in that time, and lots of people were concerned about a potential downturn as a result.
This goes to show you that relying on simple correlations in trading is not a good strategy. Just because Chinese like to buy bitcoin when their currency is being threatened with various devaluations, does not mean that they will sell off when their currency strengthens a little.
Granted we were at a point earlier where the trend had potential to reverse, but now that we have rallied the uptrend is very much alive. Stay nimble, traders.
